Also in this playlist...
This transcript is automatically generated
The Consumer Financial Protection Bureau is still getting off the ground but the sitting head of the agency Elizabeth Warren is already making announcements surrounding personnel.
Fox Business senior Washington court.
Peter Barnes sat down with Warren and her newest partner he joins us now -- -- -- hijacked Jerry holly Petraeus is the wife of General David Petraeus commander of coalition forces in Afghanistan.
-- Petraeus today named the head of the office of service member affairs at the new Consumer Financial Protection Bureau creator and a financial regulation reform last year.
Now being organized by doctor warrant but this is Petraeus is not just a military wife.
-- been an advocate for military families for years particularly in financial matters.
Statistics show military families are particularly vulnerable to predatory financial practices and on ethical products and scams most recently -- Petraeus was the director of the Better Business -- -- military financial education program military line.
I asked her about her top financial concern concern for military families and asked doctor Warren about how she is doing standing up this new bureau.
Here is mrs.
I hate to see expensive debt basically marketed to the military where -- It's easy begin chair at a very expensive.
That and really is more than you should be paying with credit rating me half and sometimes they're outright scams as well where you just send us your money.
And dancing you get nothing for so.
The -- really concern me especially there's a real explosion on the Internet.
-- scams and loans questionable loans like to see some implement this.
Our military families more vulnerable to this -- say the general population.
Only a couple reasons there are attractive target because they get a guaranteed paycheck -- They're not gonna -- -- be laid off at collectively military payroll can be a very large -- if it's a big insulation.
And Agassi and population a lot of them don't have a lot of experience.
And it's the servicemen were deployed she may have a -- -- -- has very little experience with money management is trying to keep.
Keep the boat afloat and that doesn't have the tools to do well.
Where you stand now as far as standing up the agency that -- Petraeus on board what about the rest of the -- thing other.
Senior staff people.
Where do you stand right now.
Well we're off to a great start.
We are around and who were in the front part of the slope.
We are really -- -- I mean that's that's how this works I came on at the end of September.
And out when I get there were thirty employees.
Were now over a hundred.
What we're trying to -- and.
Are the mean.
And this is Petraeus.
Is the latest key position will be the director of the CPF -- no word is that searched stand.
Oh how I have done work on that.
And talk to some different people that talk to a lot of different groups about it.
I think that there won't be choices.
Put in front of the president and of course ultimately.
It is this decision the president state.
Somebody from the consumer.
Protectionism the from consumer -- somebody from the industry.
Yeah talking to a lot of people.
There -- a lot of options but you also also are talking to industry people about how to step disposition of them -- they are worried some of them about.
That you getting the agency because getting so tough.
On banking and Wall Street.
-- they have legitimate fears and concerns you know.
I talked to people from the industry literally.
Every single day.
I talked to the CEOs of multi trillion Dollar Financial organizations.
Biggest Wall Street on Wall Street folks.
And I talked to some of the smallest.
Credit unions and community banks and I do it every single day.
And not just about the position of director about everything.
That we're trying to do and -- this agency we need to be strong and robust financial services.
Industry -- you need one that obeys the law.
How big is the agency going to -- to get what how -- mobile workforce -- and I fall out -- work.
There was a study done before I joined.
That estimated that we would probably be between about 750000.
Employees by the time.
We went line which will happen in July of this year.
The two big areas in which we will be hiring people kind of our biggest.
Will be in supervision.
Non bank financial institutions that's folks like.
Payday lenders and title alone and all the people who are on the ground to make sure that the loss really and forced the cop on the beat.
And the other big area will be in consumer complaint.
We won't have.
And strong consumer complaint department that means you know you've got to have real human beings to be able to handle.
Now on that follow up question I asked diet doctor Warren how she feels about trying to.
Build up a new agency in the new era of fiscal austerity in Washington she said she is following congress' directives and pointed out that her agency will not be funded by taxpayer dollars -- but rather by financial industry fee based.
The budget of the Federal Reserve which will be the permanent home of the CF -- starting in July.
And that's controversy -- to Peter thanks for bringing us that interview fascinating stuff but I got to follow up what you.
I heard you ask -- who's gonna run the agency ultimately when you leave are there any names being floated in Washington.
Times but I don't want -- traffic in gossip.
What you're ordered out we'll do well there there there are seven solicit money for members of congress out there lot of former members of congress out there.
Who might who might be good but remember the key thing is is that they got to get this through the senate -- the senate confirmed position.
And as a result Republicans we'll have a lot of say.
About who gets this position doctor Warren herself.
Acknowledge has acknowledged that she what she was not senate confirmable that's why she volunteered to come in and help stand up the organization.
But there are some names floating around about maybe some former.
Republicans out there who might be a good fit so.
I expect we'll have a -- -- that the they have until July before this transfers over to the to the Fed.
Peter thank you again great stuff OK Gerri thank you.
Filter by section