Elizabeth Warren is an American attorney, law professor, and United States Senate candidate. She served as Assistant to the President and Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau. She is also the Leo Gottlieb Professor of Law at Harvard Law School, where she has taught contract law, bankruptcy, and commercial law. In the wake of the 2008-2011 financial crisis, she became the chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout (formally known as the Troubled Assets Relief Program). She long advocated for the creation of a new Consumer Financial Protection Bureau, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Barack Obama on July 21, 2010. As the special advisor she worked on implementation of the CFPB.In addition to writing more than 100 scholarly articles and six academic books, Warren has written several best-selling books, including All Your Worth: The Ultimate Lifetime Money Plan (ISBN 978-0-7432-6988-9), coauthored with her daughter, Amelia Tyagi.
Warren is also the co-author (with Tyagi) of The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke (Basic, 2003) (ISBN 978-0-465-09090-7). Warren and Tyagi point out that a fully employed worker today earns less inflation-adjusted income than a fully employed worker did 30 years ago. To increase their income, families have sent a second parent into the workforce. Although families spend less today on clothing, appliances, and other consumption, the costs of core expenses like mortgages, health care, transportation, child care, and taxes have increased dramatically. The result is that, even with two income earners, families no longer save and have incurred greater and greater debt.
In an article in The New York Times, Jeff Madrick said of Warren's book:On July 29, 2011, she left her role with the agency to return to academic life at Harvard Law School. Her departing address indicated how she first became involved:
Four years ago, I submitted an article to Democracy Journal that argued for a new government agency called the Financial Product Safety Commission. I threw myself into that piece because I felt strongly that a new consumer agency would make the credit markets work better for American families and strengthen the economic security of the middle class." Warren wrote, "I leave this agency, but not this fight . . . the issues we deal with a middle class that has been squeezed and business models built on tricks and traps are deeply personal to me, and they always will be. On September 14, 2011 Warren declared that she intended to challenge Scott Brown in his reelection bid for United States Senate.
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