Elizabeth Warren To Be Appointed to Help Create Consumer Finance Protection Bureau


"The closer you are to the for-profit institutions that brought our economy to the brink, the easier it is for you to get a job in Washington. The more independent you are from those institutions, the more controversial a figure you are," Sirota told ABC News in July.

It is precisely Warren's blunt talk that has helped her become a hero for consumers furious at Wall Street's predatory practices and Washington's lack of protection in the past few decades.

As the head of the Congressional Oversight Panel, a government watchdog created to oversee the controversial $700 billion Wall Street bailout, the Oklahoma native has routinely criticized policies and decisions at Obama's Treasury Department under the leadership of Tim Geithner.

For instance, she has ripped the agency's embattled foreclosure prevention program as "behind the curve."

"We need a program with far more urgency and some real teeth in it," she told senators at a hearing this summer.

That type of blunt talk is par for the course for Warren, but not for Washington, where reports are usually written with more subtle language, composed in a type of hidden code. Warren is fond of recalling an incident in early 2009 when an official on the Hill told her that one of the panel's initial reports was "too direct," suggesting that she take a more diplomatic approach.

"Well then what's the point?" replied Warren.

That sort of plain-spoken attitude has made some waves on the Hill, where senators would have faced adecision on whether to confirm her to implement what Obama has called "the strongest consumer financial protections in history."

The financial industry, for one, would clearly prefer to see someone leading the agency who is more likely to see their side of the issue -- not just the consumers' side. With their army of lobbyists, the industry could have made Warren's confirmation quest even more difficult.

But by appointing Warren to the new special advisory role, the White House – and Warren – will now avoid a contentious confirmation fight in the months leading up to the November mid-term elections. And Elizabeth Warren will get the agency she first proposed up and running.

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