Warren Accepts Consumer Protection Agency Role, Vows to End 'Tricks'

by Hugh Collins Sep 17th 2010 6:32AM
Elizabeth WarrenElizabeth Warren said Friday that she had accepted the position of creating a consumer financial protection agency and vowed the agency would put an end to "tricks and traps" in consumer lending.

In a White House blog post this morning, Warren said she "enthusiastically agreed" to take the position of assistant to the President and adviser to Treasury Secretary Timothy Geithner.

"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," Warren wrote. "The time for hiding tricks and traps in the fine print is over."

Obama announced Warren's appointment this afternoon. She was the front-runner to head the new agency, despite fierce opposition from the financial industry. By naming Warren as an adviser, Obama will bypass a potentially tricky Senate confirmation.

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itala2

What a GREAT choice!!! LOL now onder the financial industry is against it! Wonder how many pockets they will try to line now to spread opposition!

September 23 2010 at 9:19 PM Report abuse +1 rate up rate down Reply
andrc657

Elizabeth Warren is an outstanding pick for this job.

September 23 2010 at 7:43 PM Report abuse rate up rate down Reply
legalcld

This new law with its newly created office is scarier than the healthcare bill$$$ This lady will have more power than obama does!!!

September 22 2010 at 10:35 AM Report abuse +1 rate up rate down Reply
1 reply to legalcld's comment
itala2

YESSSS sooo scary to actually ensure law and order so consumers don't continue to get ripped off by banks and insurance companies...............why do you think they are scrambling? wow.......... YESSSSS so scary not to let health insurance companies decide whether you will have coverage or not, whether you will lose your home or not........Scary that we should save money by not having to pay for the uninsured because they will have insurance......... As of today mammograms, colonoscopies have no co-pay, people will be able to get insurance rather than the companies dictate and choose onloy the healthy so they can reap the profits and minimize risk...and so on.........really not too difficult to understand even if you are so VERY frightened!

September 23 2010 at 9:26 PM Report abuse rate up rate down Reply
Randy

Subject: Get your facts right! Some people don't want to know the truth! The day the Democrats took over was not January 22nd 2009 -- it was actually January 3rd 2007. The day the Democrats took over the House of Representatives & Senate, the start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995. "For those of you who are listening to the liberals propagating the fallacy that everything is "Bush's Fault," think about this: January 3rd, 2007 was the day the Democrats took over the Senate and the Congress: At the time: The DOW Jones closed at 12,621.77 The GDP for the previous quarter was 3.5% The Unemployment rate was 4.6% George Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION! http://www.ontheiss/ ues.org/celeb/ George_W_ _Bush_Jobs. htm Remember the day. January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES! THANK YOU DEMOCRATS for taking us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOS! (BTW: Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financially risky for the US economy). And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA And who fought against reform of Fannie and Freddie? OBAMA & the Democratic Congress So when some idiot tries to blame Bush REMEMBER JANUARY 3rd, 2007 THE DAY THE DEMOCRATS TOOK OVER! Bush may have been in the car but the Democrats were in charge of the gas pedal and steering wheel they were driving. Set the record straight on Bush! http://brucehough/. blogspot. com/2009/ 04/setting- record-straight- on-george- w.html "It's not that liberals aren't smart, it's just that so much of what they know isn't so." -Ronald Reagan

September 20 2010 at 1:59 PM Report abuse +1 rate up rate down Reply
Mark

America needs to pay all of the politicians to just stay home and do nothing we could save trillions.....like the socratic oath doctors take rule #1 do no harm.

September 19 2010 at 3:57 AM Report abuse +5 rate up rate down Reply
otterdad48

That Wall Street and big banks are dead set against her is proof that she is the woman for the job.

September 17 2010 at 6:10 PM Report abuse +7 rate up rate down Reply
1 reply to otterdad48's comment
Mark

What is her job anyway???

September 19 2010 at 3:47 AM Report abuse rate up rate down Reply
mdaok

Are liberals that dumb that we need to spend billions of $$ and create 1000's of pretend government jobs to tell them that is they borrow money that they have to pay it back.

September 17 2010 at 4:47 PM Report abuse rate up rate down Reply
1 reply to mdaok's comment
itala2

Well, these that you call "dumb" actually are having the companies they saved pay their stimulus money back , like the banks and auto industries. The former government just gave it away.......who is dumber?

September 23 2010 at 9:21 PM Report abuse +1 rate up rate down Reply
kywhiskey

Another great socialist appointment!

September 17 2010 at 4:21 PM Report abuse rate up rate down Reply
mdunnjr

Here is a question for all you libs out there--once all this left wing authoritarians do their job--what do you think you will be left with? Companies won't be hiring because profits are down--scumbags won't get credit because they shouldn't--unemployment will be in the moon (who needs an education)-healthcare and healthcare costs will be something we won't recognize and if you are lucky and you have some money (401K) public pension what ever--how does 1% appreciation annually feel. Oh yeah how much do you think your house will be worth when everyone is on welfare--you think you had or have it bad wait until this clown is finished with his agenda. I can't wait to see the moderate Dems faces--to think they supported him along the way. One last thought--take a look at the bills passed--look deep and hard--try to understand the intention not the rhetoric.

September 17 2010 at 4:04 PM Report abuse +2 rate up rate down Reply
Sonny

Oh Great..........Another academic in a position where someone with a business background should be. Another disconnect..........but what do you expect from such a disconnected administration?

September 17 2010 at 1:23 PM Report abuse +2 rate up rate down Reply