As Kathy Kraninger, the director of the Consumer Financial Protection Bureau, is scheduled to testify before the House Financial Services Committee today, the CFPB’s origin story was front-and-center last night during the Democratic presidential debate last night in Ohio.
Sen. Elizabeth Warren [D-Mass.] referenced the creation of the CFPB as evidence that she has gotten things done and would continue to do so if elected president. Sen. Warren was responding to comments from former Vice President Joe Biden, about his achievements during his time as a Senator and in the White House.
After Sen. Warren mentioned the CFPB, Biden responded that he also played a major role in the creation of the agency. “I went on the floor and got you votes,” Biden said. “I convinced people to vote for it. So let’s get those things straight, too.”
When asked for a response, Sen. Warren deftly chose not to mention the former VP.
“I am deeply grateful to President Obama, who fought so hard to make sure that agency was passed into law, and I am deeply grateful to every single person who fought for it and who helped pass it into law,” Warren said.
Biden responded “You did a hell of a job in your job,” to which Sen. Warren said, “Thank you.”
Many people took offense at Biden’s comments.
Before she was elected, Sen. Warren was a professor at Harvard and was tasked with helping set up the CFPB, which was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
