Today, President Obama announced the appointment of Elizabeth Warren to serve as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau.
In July, the President signed the Wall Street Reform and Consumer Protection Act, which enacts the strongest consumer financial protections ever and creates an independent Consumer Financial Protection Bureau. Warren will play the lead role in setting up the Bureau and ensuring it is as effective as possible. Under the Act, the Treasury Department has the authority to get the consumer agency up and running, and Warren will serve as Special Advisor to the Secretary of Treasury to guide this effort. She will also serve as an Assistant to the President.
President Obama said, "The Consumer Financial Protection Bureau will crack down on the abusive practices of unscrupulous mortgage lenders, reinforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren't unwittingly caught by overdraft fees when they sign up for a checking account. The Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history. I am very grateful that Elizabeth has agreed to serve in this important role of getting the Consumer Financial Bureau up and running and making it as effective as possible."
Secretary Geithner said, "Professor Warren has been a pioneer on the issues before the Consumer Financial Protection Bureau, and she will now help lead the effort to stand up the agency. We are grateful for her willingness to serve and know she will be a tremendous asset to us all as we take on the task at hand."
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