Harvard Professor Warren to get Consumer Financial Appointment Predicted
This Massachusetts Consumer Blog predicts that Harvard Professor Elizabeth Warren will be appointed the first commissioner to the Consumer Financial Protection Bureau after her work and energy in lobbying Congress to create the consumer focused agency following the financial crisis. Professor Warren was instrumental in guiding Congress to pass the provisions of the financial overhaul bill regarding the Consumer Financial Protection Bureau. “They created a strong, independent consumer agency that will have the tools to rein in the industry tricks and traps and to cut out the fine print,” Ms. Warren said back in June.
Our prediction is based on the following recent comment by President Obama, and the fact that he has gone to Warren time and time again on these matters: “I’ll have an announcement soon about how we’re going to move forward. I have had conversations with Elizabeth over these last couple of months. But I’m not going to make an official announcement until it’s ready.” Regardless of the administration’s choice, it appears that they are ready to move forward and protect consumers in the financial arena.
The Bureau will be within the Federal Reserve, but have its own director that will be appointed by the president and confirmed by the senate. Its jurisdiction will be banks, mortgage lenders, credit card companies, student loans, and payday lenders. We are eager to see progress by the new Bureau in protecting consumers, especially in the areas of credit card interest rates and mortgage rules.