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Portfolio > Economy & Markets

CFPB Architect Elizabeth Warren to Run for U.S. Senate

By Marlene Y. Satter

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Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren will officially announce a Democratic run for the U.S. Senate seat currently held by Republican Scott Brown of Massachusetts, a campaign official said Tuesday.

Warren left the CFPB at President Barack Obama’s request in July, when Obama announced he would back CFPB enforcement chief Richard Cordray for the position of director.

Elizabeth WarrenWarren (left), who also served as chairwoman of the congressional panel that oversaw the bank bailouts of 2008, had formed an exploratory committee in August, according to a Reuters report, to decide whether to run for Brown’s seat. It had been held by Sen. Edward Kennedy, D-Mass., until his death in 2009. Brown won the seat in 2010 and since then has raised substantial funding for a re-election run.

In a statement, Warren said: “The pressures on middle-class families are worse than ever, but it is the big corporations that get their way in Washington. I want to change that. I will work my heart out to earn the trust of the people of Massachusetts.”

The New York Times reported that Warren said she is running because “middle class families have been chipped at, hacked at, squeezed and hammered for a generation now, and I don’t think Washington gets it.”

Warren, a Harvard Law School professor, was bypassed by Obama to run the CFPB in favor of Cordray, the former Ohio attorney general. Popular wisdom held that Republican opposition would scuttle her confirmation to the post. She left the administration on Aug. 1.

She faces a field of six Democrats in the primary alone, the Boston Globe reported, but she is regarded as able to generate enough interest, and funding, to make the challenge good.

Warren was named one of AdvisorOne’s 50 Top Women in Wealth earlier in the year.

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