We at The Corporate Observer hope you had a good holiday season and wish you a happy new year. Our first blog of 2012 takes a look back at 2011 and honors those who helped further the cause of the American consumer.
1. Elizabeth Warren
As regular readers might have guessed, Elizabeth Warren is the consensus pick for the number 1 spot. Frequently featured in TCO blogs, Ms. Warren has had a very busy year. Her accomplishments in 2011 include playing an instrumental role in crafting the Consumer Financial Protection Bureau, taking a firm stand on behalf of consumers before hostile a congressional panel, and declaring her candidacy for the US Senate. Surely 2012 will bring much more activity to Ms. Warren’s calendar and we can only hope it brings her a Senate seat. Consumers deserve a strong, affirmative voice in Washington. With her cunning intellect and impressive drive, Elizabeth Warren can provide exactly what consumers need.
2. Barney Frank
After 30 years in Congress Barney Frank announced he will not seek re-election this coming November. Click Here for our recent blog about Mr. Frank’s achievements. Known widely for is progressive politics, strong stance in favor of LGBT rights, and consumer protection, Mr. Frank has continually exuded courage in defending his values in an often hostile arena. The passage of the Dodd-Frank Financial Reform Act last year was a momentous achievement that has only grown in importance through 2011. For this and his many other achievements, Barney Frank is a key member of this year’s All-American team of consumer advocates.
3. Judge Jed Rakoff
Continuing a tradition of standing up to Wall Street (click here and here) Judge Rakoff recently made headlines with his recent refusal to approve a settlement between Citigroup and the SEC. As we blogged here, Judge Rakoff’s actions were bold, refreshing, and inspiring. For too long Wall Street has essentially gotten off scot-free for gross violations of consumer’s trust. Not this time. Rakoff pointed out that Citigroup is a repeat offender (who on Wall Street isn’t?) and past settlements have been woefully ineffective. In this case, Citigroup earned about $160M while its customers lost $700M. Judge Rakoff refused the SEC’s weak settlement which placed absolutely zero blame on Citigroup. His firm stance is most-needed in today’s regulatory climate and we look forward to chronicling the results of this courageous decision.
4. Richard Cordray
President Obama nominated Richard Cordray to head the newly created Consumer Financial Protection Bureau this July. Click here to read our blog about the appointment. Recently, on December 8, Mr. Cordray’s nomination was defeated by a close 53-45 vote. Though he won’t head the CFPB, he stood courageously before a hostile Senate whose real goal was to simply block any true reform at all. Mr. Cordray, who is currently Attorney General of Ohio, will surely continue to positively impact American consumers.
5. TSA Chief John Pistole
We blogged here about some despicable price gouging by airlines this year. But high prices are just the tip of the iceberg. The airport, which 43.3 million Americans will visit just this week for the winter holidays, is a site of constant hassle. Fortunately, TSA Chief, John Pistole has come out in favor of consumer advocates in airports to protect travelers from unnecessary abuses. The announcement, a reaction to an alleged strip search of an 85-year old woman in JFK airport, is a refreshing willingness to submit to much needed oversight. If only all industries could be headed by such progressive and well-intentioned leaders.
Assisted by Zachary A. Kady