Elizabeth Warren To Set Consumer Financial Protection Agency

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WASHINGTON (GaeaTimes.com)- On Friday, ignoring the critics and maneuvering its way to avoid the senators’ confirmation, President of United States Barack Obama declared the name of Harvard Law School professor Elizabeth Warren as the person who would oversee the creation of Consumer Financial Protection agency. As was previously revealed to media sources by some Democratic officials, the President restrained from naming Elizabeth Warren as the head of the agency. According to the announcement, Elizabeth Warren would be overseeing the creation of the agency that would regulate credit-card companies, and banks.

As per reports, the proposal of forming a Consumer Financial Protection agency was given first by Elizabeth Warren who is herself a very well known consumer protection lawyer. Introducing her at Rose Garden as “a janitor’s daughter”, President Barack Obama said that Elizabeth Warren will be in charge of recruiting staff and initiating policies for the agency. Along with regulating consumer-credit products the agency will also be regulating student loans and mortgages. Elizabeth Warren will not only recruit staff for the agency but also have a voice in selecting its first director. As per reports, there are most likely chances that Michael Barr, an assistant secretary of Treasury for financial institutions will be joining the agency as one of its administration officials.

President Barack Obama praised Elizabeth Warren as “one of the country’s fiercest advocates for the middle class” adding at the same time that she would ensure that the proposed agency ends the abusive practices of the credit-card and other lending agencies. The President opined that never again will common people be confused or misled by those “barely understandable fine prints” of agreements that come with the mortgages or student loans.