Elizabeth Warren Says Consumer Financial Protection Bureau, That She Might Head, Is Obama’s "Strongest Financial Reform"
As a battle rages behind the scenes over who will head the newly created Consumer Financial Protection Bureau, we play a speech by bailout watchdog Elizabeth Warren, who has emerged as a frontrunner for the position.
What's the Bureau of Consumer Financial Protection?
Prospects are dimming that a new U.S. consumer agency head will be in place this year, prompting fears that what was envisioned by supporters as a powerful watchdog could get off to a rocky start.
A dwindling legislative calendar and Republican momentum going into the November elections could lead to a protracted confirmation process, especially if the White House nominates Harvard law professor Elizabeth Warren, who Wall Street has blasted for her attacks on banking practices.
President Barack Obama is expected to announce as soon as this week his nominee to lead the agency, a position which requires Senate confirmation.
Consumer advocates, labor unions and other supporters of the agency are concerned that a months-long delay will be a setback in establishing the authority of the Consumer Financial Protection Bureau over consumer lending practices, including mortgages and credit cards.