President Obama today placed Harvard prof Elizabeth Warren in charge of laying the ground work for the powerful Consumer Financial Protection Bureau.
Obama appointed Warren to the senior White House position of assistant to the president and senior special advisor to Treasury Secretary Timothy F. Geithner. She will be responsible for organizing the new consumer agency, Obama said.
"I spoke with Elizabeth Warren this morning and congratulated her on her appointment to the President's staff,'' Sen. Chris Dodd said in a statement. "Ms. Warren has proven to be a strong, qualified, and terrific watchdog and I have no doubt her advice will help move this important new bureau forward to make sure American consumers are protected from hidden fees, abusive terms, and deceptive practices."