ms. warren. we worked with her and her staff diligently and gave them a number of options, they came back with different options, we accommodated those options in context for a hearing room, we are here to have the former chairman unvailing of a picture in the main committee room. that's an accommodate. number two, we accommodated her schedule. that's why it's on this date. furthermore, i'm skipping this vote, as you are, to have this debate, rather than simply allow for a few additional minutes. >> i'm going to get my vote in. but the only thing i'm saying is that at the rate we are going, it looks like she'll be here what until about 20 of. and -- >> actually, i anticipate the two members will have five minutes a piece. as the gentleman knows, i kept folks to the five minutes time frame today. so with that, i'm not trying to cause you problems, ms. warren, we are trying to accommodate folks. if i wanted to stick around, we're going to have two more members with questions and we'll see you off.

ms. warren. in the business providing financial services, what steps will you take to ensure complaints received by the bureau are legitimate ones and not post-contract gripes against a company when the consumer decide they don't want to live with the terms? >> i'm glad you asked about the complaint system. it's one the most significant features of the new consumer agency, and what we're planning to do with it is instead of having sort of a general complaint line, we're really trying to tell more effective complaint resolution in the consumer agency on a product-by-product basis, so, for example, we'll be starting with credit cards, and what we're proposing to do is setting up a hotline and form online for people who have had problems with their credit card issuers, and they believe, perhaps, that this have been violations of law and want to get in touch with the new consumer agency. >> will the complaints be made public? i think you'll agree with me unfounded have an effect on the accused. >> so

ms. warren has been calling the shots organizing this bureau. it has been a less than transparent operation, if we can be direct about it. her answers were less than forthcoming. they raised more questions than they actually provide answers. that is what we have learned over the course of the last three hours in this committee room. i appreciate this house testimony. thank you forwaiting through the afternoon and thank you for your forthrightness and willingness to engage in this discussion. it is enormously important not simply to policy-makers in washington, not simply to academics or business folks, but to the small business person who hopes -- the small person who wants to start a business. my dad wanted to start a business out of the garage. he started that business on a credit card. that was something he told me never to do. except for that business with five kids through college, put a roof over our heads in an opportune. i want to make sure that people have access to credit whether it is a person trying to get the next paycheck or anothe

ms. warren, she has her own limitations. she is going to protect our constituents, yours and mine. >> i will respond to the ranking member that the date of this hearing was chosen by ms. warren. we worked with her and her staff diligently and gave them a number of options. they came back with different options. we accommodated those options in context for a hearing room. we were here before and and a picture, and we accommodated her schedule. that is why it is on this date. furthermore, i am skipping this vote, as are you, to have this debate, rather than simply allow for a few additional minutes. >> i am going to get my vote in. the only thing i am saying is that at the rate we're going, it looks like she will be here until about 20 of, at least. >> i anticipate that the two members will have five minutes apiece, and as the gentleman knows, i kept folks to the five- minute time frame today. i am not trying to cause you problems, ms. warren, but we are trying to accommodate folks. if you wanted to stick around, we're going t

seconds so he has time he that he is on time to stand this up and he has been very wise to point ms warren as a special adviser to help with the standing up of this bureau there was there was something in the news today in fact it was at the top of dealey coast most a half about half of the morning of a grassroots movement in massachusetts that is kind of spreading across the country to encourage elizabeth warren to run against scott brown for ted kennedy's old son of seat when it comes up next year i think it's actually demonstrates the political tone deafness of chairman patrick mchenry of this committee somehow he's decided that it's politically expedient to look politically attractive to side with the bankers even though they poll less popularly than a member of congress whereas in fact. as the popular drafting of elizabeth warren to be a united states senator i think he needs to and if you think about it tom it's also kind of a brilliant head fake because basically somebody saying to the republicans ok if you don't give her the job she should have we're going to use her to take out on

ms. warren. i'm simply asking a very simple question. is there a duty to educate yourself?eve that an empowered consumer is a consumer who cannot only protect himself or herself but one who can change the market. >> mr. chairman, i give up. >> elizabeth warren gets grilled like she's a wall street fat cat for wanting to set up the consumer financial protection bureau which will hopefully protect consumers from the great recession in the financial crisis that we have. what is it about elizabeth warren that gets republicans so fired up? >> i think it's probably three things. the first thing is wall street hates her. elizabeth warren really was the person who came up with and spearheaded this idea of the consumer protection agency, and if it really gets up and running, it will cut into the profits of big banks and it will give them less room for maneuver, so they don't like her and politicians who are close to wall street don't like her. >> at the moment there are 44 republicans who are in some fashion either trying to hold up her appointment or take the teeth out of the agenc

ms. warren's testimony, she also mentioned that as an appropriate comparison. why do you believe that to be the case? >> one of the primary reasons that we separated -- that congress separate consumer finance from bank safety and soundness was it found that those two did not work well together. safety and soundness are a form of imposition. consumer protection ended up being subordinated. >> you're talking about the previous congress. what in particular, why is occ the appropriate comparison? >> occ is the strongest of the federal bank regulators. if you want to have a bank regulator able to act efficiently and decisively to protect american fellas, we want a structure there were slightocc. it has been very effective in furthering the bank's interest. we want that in the family's interests. >> why is the commission structure not ideal? >> you end up having horsetrading among the commissioners. they have their pet issues has professor zywicki pointed out. sometimes commission decisions and of being based on political trade-offs rather than what is really the rig

ms. warren i appreciate your service to our government. i do. i am trying to get on the record a few of the things we are seeing counter to my questions of you back in march. it is instructive for this committee on the construct of this enormous bureau that you are constructing. that is what congress wants to have this oversight. i thank you for your testimony. i will dismiss you now. i will ask the two numbers -- members not being given an opportunity to ask questions to submit them for the record. >> mr. chairman, thank you very much. >> that testimony was from tuesday. on wednesday, two democrats reacted to the exchange between congressman mcinerney and professor warren. representative jackie speier and earl blumenauer spoke out on the house floor about the committee members treatment of professor warren and called on him to apologize. here are their remarks. you know, i rise regretfully this morning and sadly this morning to dcuss what i believe is a true transgression that took place in our house yesterday. i was appalled by the behavior di

ms. warren said she would be released at 2:15 and had another meeting at 2:30. what followed was a scene had it happened in a junior high student council meeting would have been stopped by the faculty. our committee is without supervision. the chairman made the same requested a nuseyem by professor warren. she asked that the majority staff had changed the meeting several times including a 9:00 call the previous night to move the hearing from 1:30 to 1:15 to accommodate the congressional calendar. professor warren through her staff agreed to the change and was told she would be done at 2:15. pretty simple, right? this is when the chairman crossed the line and told professor warren, you're making this up. that's right. he called her a liar. a witness at his committee who juggled her schedule to accommodate him and advisor to the president of the united states who was given an oath at the start of the hearing to tell the truth and nothing but the truth, he called her a liar. mr. speaker, i ask today that the chairman of the subcommittee, the gentleman from north ca

accused elizabeth warren of improperly interfering with government efforts to resolve disputes of the mortgage foreclosures. as assistant to the president and treasury department adviser, ms. moran is in charge of setting up the consumer financial protection bureau, part of the 2010 dodd-frank financial regulations law. the exchange took place at a house oversight subcommittee hearing. it's just under three hours. [inaudible conversations] >> the hearing will come to order. the hearing today, who is watching the watchman, the oversight of the consumer financial protection bureau. the committee is now in order. we make a policy here on the financial -- on the oversight government reform committee to read our mission statement. we exist to secure to fundamental principles. first, americans have a right to know that the money washington takes from them as well spent. and second, americans deserve an efficient, effective government that works for them. our duty on the oversight government reform committee is to protect these rights. our solemn responsibility is to hold government accountable to taxpayers, because taxpayers have a right to know what they get from their governm