9:05 AM, Nov 18, 2014 • By JERYL BIER
The Consumer Financial Protection Bureau (CFPB), the 2007 brainchild of now-Senator Elizabeth Warren, was formed in 2010 as part of the Dodd-Frank Act. An annual audit by the Government Accountability Office (GAO) for the year ending September 30, 2014 found that the fledgling agency is continuing to struggle with internal controls to keep its own financial house in order. The GAO laid out the issues in a report released this week:
CFPB's internal control over financial reporting was not effective as of September 30, 2014, because of a material weakness in internal control over the reporting of accounts payable...
The material weakness is a result of serious control deficiencies that affected CFPB's determination and reporting of accounts payable. Specifically, GAO found that CFPB did not have effective procedures in place to determine and record an appropriate amount for goods and services received but not yet paid for as of September 30, 2014. Additionally, CFPB did not have effective review procedures to timely detect and correct inaccuracies in the accrual amounts.
The GAO says that the problem with accounts payable controls has actually deteriorated during the past year despite efforts to make improvement (see page 40 of report). Last year's audit found a "significant deficiency" in the same accounts payable process, a less severe finding than this year's "material weakness." The audit found that the CFPB was able to make "necessary and appropriate adjustments" to mitigate the weakness and prepare accurate reports, but warned that continued weakness "may adversely affect any decisions by CFPB's management that are based... on information that is inaccurate because of this weakness."
The audit also found that a "significant deficiency" in accounting for property and equipment first reported in the 2013 audit was not overcome in 2014. The director of the CFPB acknowledged this deficiency as well as the accounts payable material weakness and said that the agency is continuing to implement solutions to reverse the shortcomings.
Despite the opportunity for misstatement caused by weakness and deficiency, the GAO was able to give the CFPB financial statements an unmodified audit opinion, declaring that they are "presented fairly, in all material respects."
Nov 10, 2014, Vol. 20, No. 09 • By THE SCRAPBOOK
It turns out Elizabeth Warren, favorite senator of the left, is not only a self-described Cherokee without evidence of Cherokee ancestry, but a self-described consumer -finance expert without evidence of any financial savvy. Joining two of her favorite themes, women’s oppression and the cruel inadequacy of the minimum wage, she wrote this in a “tweetstorm” she cohosted the other day with fellow Democratic senator Kirsten Gillibrand: “2/3 of minimum wage workers are women, but the minimum wage no longer keeps a mom & her baby out of poverty.”
1:41 PM, Oct 28, 2014 • By MICHAEL WARREN
Massachusetts senator Elizabeth Warren praised her fellow Senate colleague Jeanne Shaheen on Tuesday's episode of The View, saying the New Hampshire Democrat is "working hard for the people of Vermont."
Shaheen, Warren said, is "the only woman in the history of the United States who has been both a governor and a senator, and independent and out there working for the people of Vermont." Watch the video below:
5:31 PM, Sep 15, 2014 • By DANIEL HALPER
At an event today at Tufts University in Massachusetts, Democratic senator Elizabeth Warren said it was "fair" when an activist compared Israel’s actions in Gaza to the Holocaust.
“Eva Moseley, I’m not a student, I’m not an alumnae, but was in faculty life. I was also a Holocaust refugee and I’m extremely concerned that Jews don’t do to another people what was done to them,” said the activist.
10:18 AM, Aug 20, 2014 • By DANIEL HALPER
Elizabeth Warren, the popular Democratic senator from Massachusetts, declined an opportunity to say whether Hillary Clinton is the best choice to be president in 2016:
A reporter asked, "Do you believe that Hillary Clinton is still the best choice coming up for your party coming up for 2016?"
"Hillary is terrific," Warren said, dodging the question.
"But is she still the best choice?" the reporter pressed.
Hosted by Michael Graham.12:35 PM, Aug 15, 2014 • By TWS PODCAST
The WEEKLY STANDARD podcast with editor William Kristol on Hillary Clinton's recent remarks may prompt Elizabeth Warren to run against her in the Democratic primary, and the events in Ferguson, Missouri.
Elizabeth Warren leads the party’s leftward march.Aug 18, 2014, Vol. 19, No. 46 • By FRED BARNES
Republicans had Barry Goldwater. Democrats now have Elizabeth Warren. What do they have in common? Years back, he pointed the way for his party, and now she’s doing the same thing for hers.
Goldwater was already a force in Republican politics when his Conscience of a Conservative was published in 1960. He pushed the party toward a conservative future. Warren is riding a liberal surge among Democrats and prodding them in an even more liberal direction.
8:36 AM, Jul 8, 2014 • By MICHAEL WARREN
Hillary Clinton's tour promoting her book Hard Choices may be having an effect—though perhaps not the one the 66-year-old former secretary of state might have wanted. A new poll of the potential 2016 presidential field from Quinnipiac, conducted at the end of June, found support for Clinton among Democratic primary voters at 58 percent.
5:33 PM, Apr 21, 2014 • By MICHAEL WARREN
Elizabeth Warren, the freshman Democratic senator from Massachusetts, did not say whether or not she thought her fellow Democrat, Hillary Clinton, would make a good president. ABC News's David Muir asked Warren the question in an interview airing Monday night on ABC.
"Do you think Hillary Clinton would make a good president?" Muir asked.
"I think Hillary Clinton is terrific," Warren said. "We've gotta stay focused on these issues right now."
6:38 PM, Mar 14, 2014 • By MICHAEL WARREN
Elizabeth Warren, the Democratic senator from Massachusetts who defeated Republican Scott Brown in 2012, has sent out a fundraising email to encourage supporters to donate to New Hampshire Democrat Jeanne Shaheen. Brown announced Friday he is forming an exploratory committee to run against Shaheen for her U.S. Senate seat. Warren's email urges people to "beat Scott Brown again."
Read the email below:
Dec 16, 2013, Vol. 19, No. 14 • By THE SCRAPBOOK
The Scrapbook has always observed that while Newton’s Third Law of Motion—“to every action there is always an equal and opposite reaction”—is true of the physical world, it does not always apply to the political universe.