Harvard Law professor Elizabeth Warren, the TARP Overseer and brains behind the White House's proposed Consumer Financial Protection Agency, spoke with CNBC's Larry Kudlow ahead of her testimony before the House of Representatives committee hearing today.
According to Warren, most consumers don't understand the terms underlying credit cards, mortgages, payday loans, tax refund anticipation loans and credit scores. She believes the credit market is broken, requires major reform, and has put taxpayers on the hook for billions in subsidies and trillions in guarantees to shore up our largest financial institutions.
