President Obama named Elizabeth Warren as an advisor to help create his consumer financial protection bureau. The agency will be in charge of regulating Wall Street and enforcing new, strict financial protection law. Bloomberg.com posted a great article explaining the new bureau, check out a portion of their story below or read the full text here.
Warren will be an assistant to the president and a special adviser to Treasury Secretary Timothy F. Geithner, the statement said. The White House expects her to start immediately setting up the agency, which was established by this year’s Wall Street financial regulatory overhaul, said an administration official who spoke on condition of anonymity.
“The Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history,” Obama will say at a 1:30 p.m. Washington time event in the Rose Garden announcing Warren’s position, according to prepared remarks released by the White House.
Warren will play a role in determining who will be the first director of the bureau when it becomes an independent agency housed at the Federal Reserve, a decision that isn’t expected for several months, perhaps not until 2011, the official said.
“The president and I are committed to the same vision” for the consumer bureau, Warren’s statement said. “I am confident that I will have the tools I need to get the job done.”