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Pr. Obama - Elizabeth Warren to Head Consumer Watchdog Agency

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Uploaded on Sep 17, 2010

Elizabeth Warren named W.H. advisor: will oversee new consumer watchdog agency
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President Obama will formally announce this afternoon the appointment of Elizabeth Warren to oversee the government's new Bureau of Consumer Financial Protection. Read More ยป

The financial regulation law provides the Treasury Department authority to run the new consumer protection bureau while the nomination of its director is pending. In this role, Warren will hold the temporary job of Assistant to the President and Special Advisor to the Secretary of the Treasury, a chain of command that will likely change when a permanent Director fills the position.

The former Harvard Law professor and chair of the Congressional Oversight panel for TARP, Warren will orchestrate the creation of the new consumer watchdog agency in the coming months. The interim appointment by the President allows Warren to begin the job immediately without going through Senate confirmation.

The consumer bureau was created under the financial regulatory bill Obama signed into law earlier this year. It will have powers to enforce regulations covering mortgages, credit cards and other financial products, and be financed by the Federal Reserve.

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