Obama names Warren to set up consumer protection agency

[JohnWxy]

http://www.usatoday.com/money/economy/2010-09-17-elizabeth-warren-appointment_N.htm

WASHINGTON (AP) — President Obama named Wall Street critic Elizabeth Warren a special adviser Friday and tasked her with setting up an agency to look out for consumers in their dealings with banks, mortgage companies and other financial institutions.
Calling Warren "one of the country's fiercest advocates for the middle class," Obama said she would ensure the Consumer Financial Protection Bureau ends abusive practices.

"Never again will folks be confused or misled by pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans," he said, standing alongside Warren and Treasury Secretary Timothy Geithner in the Rose Garden.

Obama credited Warren with developing the concept of the consumer agency, and said, "It only makes sense that she should be the architect."

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