Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal

Possible presidential candidate Sen. Elizabeth Warren (D-MA), who came up with the idea and led the start-up of the “Consumer Financial Protection Bureau” as a federal watchdog to prevent financial institutions from abusing U.S. consumers, is now at the center of the a scandal regarding the vanished authorization to spend $215.8 million on a luxurious remodel that included a new penthouse floor and indoor waterfall for the bureau’s rented Washington, D.C. office space.

Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal Elizabeth-warren-big-and-little-reuters

Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal Elizabeth-warren-big-and-little-reuters

The Office of Inspector General of the United States Federal Reserve (OIG) was requested by the House Financial Services Oversight and Investigations Committee on January 29, 2014, to evaluate the Consumer Financial Protection Bureau’s (CFPB) headquarters renovation costs that rose from $55 million to at least $215.8 million.

The OIG report revealed that the CFPB “approved formalized policies for budgeting and funding investments prior to obligating funds” on October 1, 2012. These policies required a focus on “a return on investment when making a sound business case.” The policies also stressed that a “quantitative analysis” must be performed that included life cycle costs, cost savings, and productivity enhancements to promote “financial efficacy.”

But the OIG found that “According to CFPB officials, the CFPB saw this approval as a formality since the decision to renovate pre-dated these policies.”

Sen. Elizabeth Warren originally proposed a “Financial Product Safety Commission” in a 2007 article titled “Unsafe at any Rate.” She argued that despite President Ronald Reagan curtailing the growth of federal regulation that he described as the “R-word,” it was beneficial that nearly every consumer product sold in America has to pass safety regulations “well in advance of reaching store shelves.”

http://www.breitbart.com/Big-Government/2014/07/04/Presidential-Candidate-Elizabeth-Warren-at-Center-of-CFPB-Scandal

Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal

Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal

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