Elizabeth for Massachusetts http://www.elizabethwarren.com Elizabeth Warren for Senate Thur, 28 June 2012 14:34:00 +0000 AMPS en hourly 1 It worked http://elizabethwarren.com/blog/it-worked Mon, 21 Jul 2014 11:25:49 -0500 Elizabeth for Massachusetts http://elizabethwarren.com/blog/it-worked Not long ago, I was at a McDonald's when a man came over, held out his hand and said he had been having trouble with a fee his bank had charged. It wasn't huge, but he said the bank should not have charged him. He called and argued, talked with customer relations, asked to speak to a manager -- and he got a big, fat zero.

Then he said he remembered about the new Consumer Financial Protection Bureau and told the bank he would file a complaint. They put him on hold and then came back and said they would reverse the fee. The agency worked.

Today is the fourth anniversary of Dodd-Frank, the law that established the Consumer Financial Protection Bureau -- and the third anniversary of the date the CFPB became an independent agency. And in those three years, the agency has done a lot to help level the playing field:

  • The CFPB has forced big financial companies to return more than $4 billion dollars to consumers they cheated.
  • The CFPB has put in place rules to protect consumers from a whole host of dangerous financial products and to make sure that companies can't issue the kinds of deceptive mortgages that contributed to millions of foreclosures.
  • The CFPB has helped tens of thousands of consumers resolve complaints against financial institutions that cheated them. 

Sure, there is a lot of financial reform work left undone. The big banks today are dramatically bigger than they were in 2008 and they are taking on new risks, and I think that means we need a 21st Century Glass-Steagall law to break them up. But I celebrate the progress we've had so far: When big banks have to listen to their customers a little more, the playing field starts to level out just a little bit more.    

The big banks spent more than a million dollars a day lobbying against financial reforms, and top lobbyists said that killing off the consumer agency was their number one priority.  Even now, the Republicans continue the attack, introducing bills that would take the legs out from under the agency.

We didn't have the lobbying muscle or the money that the big banks had. But we got that agency because we fought for it. We joined forces online and through groups, and we made our voices heard. And now, after three years, it's starting to work.

I smiled at the guy who said he got his money back. I smiled because I love to hear how the CFPB works. But mostly I smiled because it reminded me of what we can do when we fight.  

Happy anniversary!

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Our new bill to fight Hobby Lobby http://elizabethwarren.com/blog/our-new-bill-to-fight-hobby-lobby Wed, 09 Jul 2014 15:46:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/HobbyLobbyFB.jpg http://elizabethwarren.com/blog/our-new-bill-to-fight-hobby-lobby I was stunned by last week's Hobby Lobby ruling.

Stunned that we live in a world where the Supreme Court of the United States of America would even consider putting the interests of big corporations before the fundamental rights of American women.

Stunned that the Court would establish precedent for one enormous slippery slope on letting employers deny individuals health coverage for any medical treatment.

Today, my Democratic colleagues and I are fighting to do what the Supreme Court failed to do: to protect the basic rights of American women and families.

Led by Senators Patty Murray and Mark Udall, we've just introduced a new bill – the Protect Women's Health from Corporate Interference Act. The bill reverses the Supreme Court's decision by making it clear that employers cannot deny access to any of the health benefits required by the ACA – not immunizations, not blood transfusions, not HIV treatments, and not birth control – while preserving reasonable accommodations for religiously exempt employers.

If we're going to respond to Hobby Lobby, it's got to be through a legislative fix. And if the Republicans won't fight for the women they represent, then we're going to take that fight to them. Let them explain why they think employers should decide what health care a woman can get covered by her insurance .

Sign up now to show your support for the Protect Women's Health from Corporate Interference Act.

I cannot believe that in 2014 I have to send you an email about protecting access to birth control. We've got a lot of other big problems in our country to tackle right now.  

Millions of people still haven't recovered from the worst economic downturn since the Great Depression. More and more young people are drowning in student debt. Too many workers are struggling to stay out of poverty on a minimum wage, and millions of others are struggling to save for retirement. Seniors keep getting told they're going to have to get by on less.

But the Republican Party has made it clear: They want to spend their time working to deny women access to birth control and punch as many holes in the Affordable Care Act as they can.

Just look at the facts:

  • In 2012, Republicans tried to pass the Blunt Amendment – legislation that would allow employers and insurance companies to deny women's health care services – even birth control – based on any vague moral objection.
  • When the Blunt Amendment failed, the Republicans resorted to hostage-taking. Remember last year's government shutdown that nearly tanked our economy? That all started with a GOP threat to get Democrats to change the law so employers could deny coverage for birth control.

When Democrats wouldn't cave and the government shutdown backfired, the Republicans turned to their conservative friends on the United States Supreme Court – five justices who are among the top ten most pro-corporate justices to serve in the last half-century – to do what Congress and the American people would not: give corporations rights to determine women's access to health care coverage.

We cannot stand by while the radical right of our country conducts a full-scale assault on women's rights and basic health care.

Help us fight back against the Hobby Lobby ruling. Sign up now to show your support for the Protect Women's Health from Corporate Interference Act.

This is 2014, not 1914 – and we've had enough.

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No one said it would be easy http://elizabethwarren.com/blog/no-one-said-it-would Wed, 11 Jun 2014 18:22:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/WarrenStudentLoans.JPG http://elizabethwarren.com/blog/no-one-said-it-would We lost the vote.  

This morning, the Senate held its first vote on the Bank on Students Act to let people refinance their student loans. We got a majority -- 58 senators were ready to go our way -- but the Republicans filibustered the bill and we didn't even get to debate it.

I guess this is when some people would give up. Not us. Not a chance.

Here's how I see it:

When we first started talking about student loans last summer, we stood strong for a better deal on new student loans. Today, we got every Democrat, every Independent, and even three Republicans to support a bill that would permit refinancing for 40 million people who are shouldering $1.2 trillion in student loan debt.  

Considering the speed that the Senate normally works, that's a lot of movement in a short time.

And it's not only what we did, it's how we did it. We put the plan to pay for it right on the table. No gimmicks or smoke-and-mirrors. We said that when the government reduces its profits on student loans, the money should be made up by stitching up tax loopholes so that millionaires and billionaires pay at least as much in taxes as middle class families.  

We made the choice clear: billionaires or students. People who have already made it big or people who are still trying to get a fair shot.

We made the choice clear -- and then we fought for it. We stood up and spoke out -- individually and through our terrific organizations. We gathered more than 750,000 signatures on petitions. We made our voices heard -- and that's how we got well over 50 votes.

At this point, most Republicans want us to quiet down and fade away. They don't want us to point out that this morning, most Republicans said it was more important to protect the tax loopholes for billionaires than to cut the rates on student loans.

I think it is time to come back louder than ever. I think it is time to show up at campaign events and town halls and ask every single Republican who voted against this bill why protecting billionaires is more important than giving our kids a chance to pay off their loans. I think we need to ask, and ask again, and ask again.

So there it is: Show up at an event and ask a question. Encourage your friends to show up and ask questions. Send an email. Make a call. And keep circulating the petitions. This isn't over.

In Washington, I hear people say that "Elections have consequences." I'd like to shift that just a little bit and say "Senate votes have consequences, too."  

When Republicans vote to force students to keep paying high interest rates on students loans in order to plug the budget holes from tax breaks for billionaires, then it's time to hold those Republicans accountable.  

I don't plan to let this issue die. I plan to fight back. And I hope people all across this country will do exactly the same. 

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I can't get there tomorrow, but I can come on Thursday http://elizabethwarren.com/blog/i-cant-get-there-tomorrow-but-i-can-come-on-thursday Sun, 11 May 2014 16:22:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/20140511AuntBee.jpg http://elizabethwarren.com/blog/i-cant-get-there-tomorrow-but-i-can-come-on-thursday One Tuesday night back in 1979, I rushed from my new teaching job at the University of Houston to pick my son Alex up from daycare. He was sitting on a small cot in the crowded daycare, his diaper soggy. He clung to me and cried when I tried to change him, and by the time I got him in the car I was covered in tears, pee and baby snot.

When we got home, I gave Alex a bath, crumbled hamburger in a skillet, and started a load of laundry. By the time I got Alex and his big sister Amelia in bed, I was so tired my bones hurt.

My 78-year-old Aunt Bee called to see how I was doing. I started out ok, but finally I broke down and started to cry. I was failing my kids and I loved teaching, but I was doing my class preparations after midnight. I was always behind. I told Aunt Bee I was going to quit my job.

Aunt Bee matter-of-factly told me, "I can't get there tomorrow, but I can come on Thursday." She arrived with seven suitcases and a Pekingese named Buddy, and she stayed for 16 years.

The reason I'm here today as a United States Senator is because my Aunt Bee rescued me on that Thursday in 1979. I know how lucky I was, because so many working moms don't have a family member who can rush in and save the day.

In fact, the deck has been stacked against working moms for years. And even though women are the main breadwinners, or joint breadwinners, in two-thirds of the families across the country, it's only getting worse.

When I was a law professor, I spent years studying why middle class families were going broke. In my academic research on bankruptcy, I uncovered some grim facts:

  • In one year, more women will file for bankruptcy than graduate from college.
  • Having a child is the single best predictor that a woman will end up in financial collapse.
  • Single moms are more likely than any other group to file for bankruptcy – more likely than the elderly, more likely than divorced men, and more likely than people living in poor neighborhoods.
  • Single moms who had been to college are actually 60% more likely to end up bankrupt than their less educated sisters.

Women get hit hard. They still earn, on average, only 77 cents to the dollar that her male colleague earns. Bloomberg analyzed census data to find that women are paid less in 264/265 major occupations – in 99.6% of jobs, women get paid less than men. Yet Republicans have blocked the Paycheck Fairness Act – a law that would make sure women don't get fired just for asking what the guy down the hall makes.

Minimum wage workers haven't gotten a raise in seven years, and today nearly two-thirds of minimum wage workers are women. Mothers of very young children disproportionately work low-wage jobs in every state in the country. A minimum wage job no longer keeps a mother and baby above the poverty line, yet Republicans continue to block legislation to raise the minimum wage.  

And seniors? Because women make less than men throughout their lifetimes, they receive, on average, more than $4,000 less a year than men in Social Security benefits, yet women rely most heavily on those checks. At a time when Social Security is the only safety net keeping 14 million people out of poverty, Republicans continue to try to cut Social Security for women.

I know how lucky I was to have a woman in my life who was there when I needed her. She's gone now, but the best way I know to honor her memory is to help another woman – or maybe join with a lot of people and help millions of women.  

It's time. It's long past time. Minimum wage. Equal pay. Social Security. Doing something tangible in honor of the women who helped us.

Happy Mother's Day!

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Bank on Students http://elizabethwarren.com/blog/bank-on-students Sat, 10 May 2014 12:00:00 -0500 Elizabeth for Massachusetts http://elizabethwarren.com/blog/bank-on-students Last year, we fought to lower the interest rates on student loans – and nearly all the Republicans in Washington agreed with us that rates were far too high.

So Congress lowered the rates for new borrowers this year – not as much as we would have liked, but some. But Congress did nothing for the millions of people stuck with older high interest rate loans.

Today, I'm introducing the Bank on Students Emergency Loan Refinancing Act, and the idea is so popular that it already has 23 co-sponsors. The bill lets qualified borrowers refinance their existing student loan debt to the same lower prices that Congress agreed upon for new students this year.

Sign up now to show your support for the Bank on Students Emergency Loan Refinancing Act.

Student loan debt is exploding. Outstanding student loans now total more than $1.2 trillion – and each year, students are taking on more and more and more. In 2012, an astonishing 71% of college seniors owed student loans, and, from 2004 to 2012, the average student loan balance increased by 70%.

Now, millions of young people are struggling to keep up with their student loan payments. Everywhere I go, I meet young people who worked hard, played by the rules, and got an education – only to be crushed with student loan debt.

The economic impact is real. Federal watchdog agencies like the Federal Reserve, the Treasury Department, and the Consumer Financial Protection Bureau are already sounding the alarm. Every day, this exploding debt stops more and more young people from moving out of their parents' homes, from saving for a down payment, buying homes, buying cars, starting small businesses, saving for retirement, or making purchases that grow our economy.

Forty million Americans have outstanding student loans. The Bank on Students Emergency Loan Refinancing Act will save millions of these young people hundreds or even thousands of dollars a year, putting real money back into their pockets. The sooner we pass refinancing legislation, the sooner they'll get a little bit of relief.   

Tell Congress to give a much-needed break to young people struggling to build a future. Join us in support of the Bank on Students Emergency Loan Refinancing Act.

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Benghazi http://elizabethwarren.com/blog/benghazi Fri, 09 May 2014 10:00:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/Trey-Gowdy.jpg http://elizabethwarren.com/blog/benghazi Earlier this week, Speaker John Boehner announced the formation of a new select committee to investigate Benghazi led by Rep. Trey Gowdy.

All three of my brothers served in the military, and I know firsthand how much Americans serving abroad -- and their families -- sacrifice. What happened in Benghazi on Sept. 11, 2012 was a tragedy. Four Americans died putting themselves in harm's way in service to peace, diplomacy, and their country. I look at what happened in Benghazi with sadness, with seriousness, and as yet another call to honor the men and women who keep us safe.

So let me be blunt: that kind of seriousness is sorely missing from the no holds-barred political theater of the House Republicans.  

I know a little bit about the way Trey Gowdy pursues oversight. I was on the other end of it when I was setting up the new Consumer Financial Protection Bureau and I was called to testify before the House. As the Huffington Post reported at the time, Gowdy's interrogation of me "seemed to lack the basic facts" about the agency he was attempting to oversee. I'd like you to read their reporting on one of these exchanges just so you know what this Benghazi "investigation" is likely to look like:

Rep. Trey Gowdy (R-S.C.) grilled Warren on whether the bureau would make public the complaints it gets. She answered that the complaint issue was a work in progress, but that at the very least, there was progress in creating a system for large credit card companies.

"Are any of the complaints public?" Gowdy demanded.

"Congressman, we don't have any complaints yet," Warren said of the still-nascent agency. "What we're trying to do is build the system."

Gowdy also seemed to think that Warren had written the Dodd-Frank law, and he was determined to know what Warren meant by defining "abusive" practices as something that "materially interferes" with the ability of a consumer to understand a term or a condition.

"That suggests to me that some interferences are immaterial. Is that what you meant by that?" he asked a momentarily perplexed-looking Warren.

"Congressman, I believe the language you are quoting is out of the Dodd-Frank act," she said. "This is the language that Congress has adopted."

Still, Gowdy insisted on her answer, although the definitions and regulations required by the law are still being written.

As a Senator, I take oversight seriously because it is powerfully important. But Trey Gowdy gives oversight a bad name. The House GOP is on a waste-of-time-and-resources witch hunt and fundraising sideshow, shamefully grasping for any straw to make President Obama, former Secretary Clinton, or Secretary Kerry look bad. This stunt does a disservice to those who serve our country abroad, and it distracts us from issues we should be taking up on behalf of the American people.

With millions of people still out of work and millions more working full time yet still living below the poverty line, with students drowning in debt, with roads and bridges crumbling, is this really what the House Republicans are choosing to spend their time on? Even for guys who have so few solutions to offer that they have voted 54 times to repeal Obamacare, this is a new low.  

House Republicans are doing whatever they can to distract the American people from what's really going on in Washington – a rigged system that works great for those who have armies of lobbyists and lawyers but that leaves everyone else behind. A system in which Republicans protect tax breaks for billionaires while they block increases in the minimum wage for millions of people who work full time and live in poverty. A system in which Republicans give away billions of dollars in subsidies to Big Oil while making billions in profits off of our kids' student loans.

It's wrong, and it's shameful.

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Elizabeth Warren takes on Paul Ryan and Ted Cruz http://elizabethwarren.com/blog/elizabeth-warren-takes-on-paul-ryan-and-ted-cruz Mon, 07 Apr 2014 19:39:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/EW-MN-Screenshot.jpg http://elizabethwarren.com/blog/elizabeth-warren-takes-on-paul-ryan-and-ted-cruz Elizabeth went to Minnesota last weekend to support Senator Al Franken at the 2014 Humphrey-Mondale Dinner.

It was her first time speaking at one of those big Democratic Party events – and Elizabeth didn't waste any time taking on Paul Ryan, Ted Cruz, the Tea Party and the national GOP.

The event wasn't televised, but we just got the video clip of Elizabeth's speech. Trust me, you're going to want to see this for yourself:

When you're done watching Elizabeth shred the Republicans' vision for America, don't forget to share it with your friends on Facebook and Twitter. Everyone should see this clip.

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We don't run this country for corporations http://elizabethwarren.com/blog/we-dont-run-this-country-for-corporations Wed, 26 Mar 2014 13:21:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/supreme-court.png http://elizabethwarren.com/blog/we-dont-run-this-country-for-corporations Hobby Lobby doesn't want to cover its employees' birth control on company insurance plans. In fact, they're so outraged about women having access to birth control that they've taken the issue all the way to the Supreme Court.

I cannot believe that we live in a world where we would even consider letting some big corporation deny the women who work for it access to the basic medical tests, treatments or prescriptions that they need based on vague moral objections.

But here's the scary thing: With the judges we've got on the Supreme Court, Hobby Lobby might actually win.

The current Supreme Court has headed in a very scary direction.

Recently, three well-respected legal scholars examined almost 20,000 Supreme Court cases from the last 65 years. They found that the five conservative justices currently sitting on the Supreme Court are in the top 10 most pro-corporate justices in more than half a century.

And Justices Samuel Alito and John Roberts? They were number one and number two.

Take a look at the win rate of the national Chamber of Commerce cases before the Supreme Court. According to the Constitutional Accountability Center, the Chamber was winning 43% of the cases in participated in during the later years of the Burger Court, but that shifted to a 56% win-rate under the Rehnquist Court, and then a 70% win-rate with the Roberts Court.

Follow these pro-corporate trends to their logical conclusion, and pretty soon you'll have a Supreme Court that is a wholly owned subsidiary of big business.

Birth control is at risk in today's case, but we also need to worry about a lot more.

In Citizens United, the Supreme Court unleashed a wave of corporate spending to game the political system and drown the voices of middle class families.

And right now, the Supreme Court is considering McCutcheon v. FEC, a case that could mean the end of campaign contribution limits – allowing the big guys to buy even more influence in Washington.

Republicans may prefer a rigged court that gives their corporate friends and their armies of lawyers and lobbyists every advantage. But that's not the job of judges. Judges don't sit on the bench to hand out favors to their political friends.

On days like today, it matters who is sitting on the Supreme Court. It matters that we have a President who appoints fair and impartial judges to our courts, and it matters that we have a Senate who approves them.

We're in this fight because we believe that we don't run this country for corporations – we run it for people.

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They did everything we told them to do http://elizabethwarren.com/blog/they-did-everything-we-told-them-to-do Fri, 21 Feb 2014 11:05:00 -0500 Elizabeth for Massachusetts http://elizabethwarren.com/blog/they-did-everything-we-told-them-to-do Last year, you and I fought to lower the interest rate on new federally subsidized student loans.

During that fight, I also heard from a lot of young people being crushed by their old student loans. They did everything we told them to do: They worked hard, got good grades, went to college and learned new skills -- and now are drowning in debt.

The numbers prove it. More than a third of borrowers under the age of 30 have been delinquent on their student loan payments for more than 90 days. Think about that.

Tying students to a lifetime of financial servitude as a condition of getting an education? That doesn't reflect our values.

In the coming weeks, I'll introduce new legislation to allow eligible borrowers with high interest student loans to refinance at new rates that are at least as low as those now being offered to new borrowers in the federal student loan program -- putting real money back into the pockets of young people who worked hard to get an education.

We know from the last student loan fight that we have an uphill battle ahead of us -- and I'm going to need your help, and the help of tens of thousands of people all across the country, to make the case for why this is so important.

Sign up now to show your support for refinancing student loans -- and share your own student loan story if you have one.

The idea is pretty simple. When interest rates are low, homeowners can refinance their mortgages. Big corporations can swap more expensive debt for cheaper debt. Even state and local governments have refinanced their debts.

Letting recent graduates refinance their student loans puts real money back in the pockets of middle class families. Real money that will help young people find a little more financial stability as they work to build their futures. Real money that says America invests in those who work to get an education.

Real money for people like you, your kids or your grandkids.

As we introduce this bill in the coming weeks, I'll need your help to speak out and say why refinancing student loans is important to you. Sign up now and share your story.

Refinancing student loans won't fix everything that's broken in the higher education system -- but for many of our graduates, it is an important step forward.

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My heart-shaped cake http://elizabethwarren.com/blog/my-heart-shaped-cake Fri, 14 Feb 2014 10:33:00 -0500 Elizabeth for Massachusetts http://www.elizabethwarren.com/blog/thumbnail/20140212Valentines.jpg http://elizabethwarren.com/blog/my-heart-shaped-cake Elizabeth Warren Valentine's Day CakeFebruary 14 -- Valentine's Day and my mother's birthday.

From the time they were in high school, my daddy bought my mother a heart-shaped box of chocolates every year. And once I was big enough to manage the oven on my own, I baked my mother a heart-shaped cake every year. I loved Valentine's Day.

When my mother was in her 80s, she had some surgery. The day before she was scheduled to go home, she was in good cheer. We gathered in her hospital room and told funny stories, and she was the willing passenger as the teen-aged grandchildren organized impromptu wheelchair races in the hallway. Finally, Daddy sent us all home, cautioning that we would tire her out.

A few hours later, she was propped up in her hospital bed watching television. Daddy was holding her hand when she sat forward and said, "Don, there's that gas pain again." She fell back dead.

The doctors were there in less than a minute, and they did everything they could, but she was gone.

When the call came that she had died, I didn't cry right away. I just couldn't believe it. How could she be gone?

Later the autopsy showed that she had advanced coronary disease. Despite her regular trips to the doctor for check ups and her repeated trips for "that gas pain," Mother had never been checked for heart trouble.

Every year on Valentine's Day, I still bake a heart-shaped cake. I think about my mother and about the millions of women who have died from undiagnosed heart disease. And every year I email my female relatives and friends and ask them to check out the risks because heart disease kills 1 out of every 4 women in America.

I ask the people I love to take care of themselves -- and I hope you'll do that too.

But there's more we can do. Medical science has made great discoveries in the treatment of heart disease, but those discoveries aren't free. At a time when we're on the brink of powerful breakthroughs, funding for the National Institutes of Health and other research investments has been strangled. As a proportion of our GDP, the federal government is spending about half what it was spending the late 1960s.

When NIH was hit with the sequester that slashed another 5% out of its budget, the Framingham Heart Study -- the world's premier longitudinal heart research project -- was threatened. Even now, over 83% of promising research proposals -- proposals seeking to combat some of our biggest health challenges like Alzheimer's, autism, ALS, and diabetes -- go unfunded. Young scientists, seeing how hard it is to get their research funded, are beginning to leave research work for other fields where they see a more promising future.

I'm fighting to double the investment in NIH. The way I see it, if we invest in first-rate medical research, millions of people will lead fuller lives. Millions of children will have the chance to reach their full potential. Millions of mothers will be around longer to have fun with their grandchildren and enrich all our lives.

Double our funding for research. That's the best memorial I can offer to someone I've lost.

Thanks for being a part of this, and happy Valentine's Day!

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