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President Obama will formally announce this afternoon the appointment of Elizabeth Warren to oversee the government's new Bureau of Consumer Financial Protection.
The financial regulation law provides the Treasury Department authority to run the new consumer protection bureau while the nomination of its director is pending. In this role, Warren will hold the temporary job of Assistant to the President and Special Advisor to the Secretary of the Treasury, a chain of command that will likely change when a permanent Director fills the position.
The former Harvard Law professor and chair of the Congressional Oversight panel for TARP, Warren will orchestrate the creation of the new consumer watchdog agency in the coming months. The interim appointment by the President allows Warren to begin the job immediately without going through Senate confirmation.
The consumer bureau was created under the financial regulatory bill Obama signed into law earlier this year. It will have powers to enforce regulations covering mortgages, credit cards and other financial products, and be financed by the Federal Reserve.
From her post on the White House blog yesterday:
Over the past several weeks, the President and I have had extensive conversations about the vital importance of consumer financial protection.
The President asked me, and I enthusiastically agreed, to serve as an Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau. He has also asked me to take on the job to get the new CFPB started—right now. The President and I are committed to the same vision on CFPB, and I am confident that I will have the tools I need to get the job done.
President Obama understands the importance of leveling the playing field again for families and creating protections that work not just for the wealthy or connected, but for every American. The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal. They shouldn’t learn about an unfair rule or practice only when it bites them—way too late for them to do anything about it. The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over. This new bureau is based on the simple idea that if the playing field is level and families can see what’s going on, they will have better tools to make better choices.
If the CFPB can succeed at leveling the playing field, we can go a long way toward repairing a gaping hole in the budgets of millions of families. But nobody has ever thought or argued that the consumer bureau can fix everything. Lost jobs, stagnant incomes, rising costs for college, dwindling retirement savings—there’s a lot of work to be done.
When she was 16, my grandmother, Hannie Reed, drove a wagon in the Oklahoma land rush. Her mother had died, so she was up front with her little brothers and sisters bouncing around in the back. When I was growing up, she talked about life on the prairie, about marrying my grandfather and making a living building one-room schoolhouses, about getting wiped out in the Great Depression. She was hit with hard challenges throughout her life, but the moral of her stories was always the same: she would solve her problems one at a time by pulling up her socks and getting to work.
It’s time for all of us to pull up our socks and get to work.
ETA: Macro credit to poetic_pixie_13 !
Oh, and "pull up our socks and get to work" is now my favorite new catch-phrase!
Mod note: Can we get an Elizabeth Warren tag, plz? Thx!