Yesterday’s Wall Street Journal includes a strongly worded op-ed by Elizabeth Warren, Professor of Law at Harvard Law School and chairwoman of the Troubled Assets Relief Program (TARP) Congressional Oversight Panel, in which she fiercely criticizes Wall Street CEOs who have “brought the economy to its knees” and who, according to Ms. Warren, have “spent more than a year and hundreds of million of dollars furiously lobbying Washington to kill the president’s proposal for a Consumer Financial Protection Agency (CFPA).”

Ms. Warren points to the current lack of meaningful consumer rules and the inability of average families to make wise financial decisions regarding mortgages, credit cards and checking accounts when the paperwork has “morphed into reams of incomprehensible legalese.” Ms. Warren supports the proposed creation of the CFPA, stating that it would serve as a consumer agency watchdog that would “root out gimmicks” and give families “a fighting chance to hang on to some of their money.” In Ms. Warren’s opinion, the CFPA would consolidate existing bureaucracies, reduce paperwork and promote understandable consumer products. Ms. Warren urges Wall Street CEOs to acknowledge that they have lost “Americans’ trust” and take the first steps to earn it back by supporting the CFPA proposal.