WASHINGTON -- The campaign of Democratic Sen. Barbara Boxer today criticized Republican Senate GOP candidate Carly Fiorina for opposing the creation of a new consumer finance protection bureau.
The bureau is part of a financial reform bill backed by Boxer and signed into law by President Barack Obama last week.
"While Barbara Boxer was standing with consumers and consumer advocates on Main Street, ex-corporate CEO Carly Fiorina was with big Wall Street institutions whose risky gambling led to the financial mess," said Rose Kapolczynski, Boxer's campaign manager. "That's not the kind of leadership that Californians need in the U.S. Senate."
Under the new law, the bureau will set guidelines for credit cards, loans and other financial instruments.
Kapolczynski noted that the law has the backing of consumer groups across the country, including the AARP, Consumer Federation of America and Consumers Union.
Andrea Saul, Fiorina's press secretary, accused Boxer of "election-year politicking."
"This legislation will do nothing to fix the problems that got us in to the financial crisis in the first place, which proves, yet again, that Barbara Boxer doesn't understand how the economy works and the only job she's interested in saving is her own," she said. "Carly supports true reform to the financial markets, which will not be created by adding another layer of government bureaucracy, non-sensible rules and ignoring the problems with Fannie Mae and Freddie Mac."