Elizabeth Warren To Set Consumer Financial Protection Agency, Declares President Barack Obama

September 18th, 2010 - 7:19 pm ICT by GD  

By Madhuri Dey
eliWashington, Sep 18, (THAINDIAN NEWS) On Friday, the President of United States Barack Obama named Harvard Law School Professor Elizabeth Warren as the person who would be overseeing the creation of Consumer Financial Protection agency. Although she was not declared the head of the agency, she has been endowed with the power to select its staff members and its first director. It is under her guidance apparently that the agency will be setting its policies and rules. It is under her guidance that the bureau will be taking shape.

Elizabeth Warren who is a well-known consumer advocate, was the first to come up with the plan to form such a bureau that will look into and regulate the malpractices of lending banks and agencies that use deceptive languages to trap the person in need. Calling Elizabeth Warren as one of the country’s “fiercest advocates for the middle class”, President Barack Obama held that he is confident about the fact that his chosen person would be able to ensure the end of abusive practices of such agencies. Addressing the gathering, the President said that the formation of the bureau will ensure that the folks are not confused or misled “by pages of barely understandable fine prints” of the loan agreement pages.

While the appointment of Elizabeth Warren has been supported heavily by liberals, consumer groups and some lawmakers it has infuriated the Republican senators. The appointment has been supported by Rep. Barney Frank, chairman of the House Financial Services Committee. Although as of yet no other member for the agency has been declared, sources claim that Michael Barr, an assistant secretary of Treasury for financial institutions.

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