WASHINGTON — President Barack Obama named Wall Street critic Elizabeth Warren a special adviser Friday and tasked her with setting up a new 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 White House Rose Garden.
Obama credited Warren with developing the concept of the new consumer agency, and he said, "It only makes sense that she should be the architect."
Now we have a temporary seat at the table. This is great news. Now we have to make sure that she is ultimately appointed to the permanent position of Director of the CFPB. If you care about equal rights for the middle class, pay attention to this issue and make sure to let you friends know how important it is.