Bankruptcy

Professor Elizabeth Warren to be ?Special Advisor? to New Consumer Protection Bureau

By mcbride

In an effort to avoid a contentious battle with the Senate, President Obama announced today that Professor Elizabeth Warren would be appointed as a special advisor to the newly created Consumer Protection Bureau.  As head of the investigation into how TARP money was doled out by the Treasury Department and spent by banks and brokerage houses, she is seen by many Senators as being too hard on Wall Street interests and thus they are unwilling to appoint her to head the Bureau.  ?Obama had spoken glowingly of Warren as a possible leader of the bureau, created in response to the 2008 financial meltdown. But the White House feared her lack of support in the financial industry would have set the stage for contentious Senate hearings that could have derailed her nomination.  The bureau will have vast powers to enforce regulations covering mortgages, credit cards and other financial products.?  Professor Warren has stated that she wants consumers to simply be able to understand ?the deal? when signing credit card agreements and mortgages.  Ironically, she will report to the President and her nemesis Treasury Secretary Timothy Geithner in her new role. 

Here is a link: http://www.google.com/hostednews/ap/article/ALeqM5gd-SA_SLXHi7CpdgzNYvnrx9jzGwD9I9LD3G1

Michael

Full post as published by Texas Lawyer Blog on September 17, 2010 (boomark / email).