Sen. Elizabeth Warren was a passionate advocate of a controversial academic theory known by its enthusiasts as “behavioral economics” during her time as a Harvard law professor.
Today, Warren's theory is the rationale behind the Consumer Financial Protection Bureau's sweeping consumer credit card data-mining surveillance program that has alarmed civil liberties experts, financial industry officials and members of Congress.
The goal of the CFPB data-mining is to track 80 percent of the nearly 1 billion consumer cards that are currently in circulation. The program also aims to monitor 95 percent of all mortgages.
Why is an agency created only a few years ago as a component of the Federal Reserve invading the financial privacy of millions of Americans? The answer is found in Warren's academic advocacy.