Elizabeth Warren, 'behavioral economics' birthed CFPB's credit card data-mining

Townhall.com Staff
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Posted: Sep 23, 2013 12:08 PM
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.