News / USA

Obama Chooses Warren to Build US Consumer Protection Bureau

President Barack Obama announces Elizabeth Warren will head the Consumer Financial Protection Bureau, during an event in the Rose Garden of the White House, 17 Sept. 2010
President Barack Obama announces Elizabeth Warren will head the Consumer Financial Protection Bureau, during an event in the Rose Garden of the White House, 17 Sept. 2010

President Obama has formally announced his choice of Elizabeth Warren to oversee formation of a new Consumer Financial Protection Bureau, a key part of financial system reform approved by the U.S. Congress.  Mr. Obama's selection of Warren enables him to emphasize measures taken by his administration and a Democratic-controlled Congress since the 2008 financial meltdown to protect Americans from abuses.

A fierce consumer advocate, Warren has for the past two years headed the committee created by Congress to oversee the $700 billion bank and financial institution rescue program known as TARP (Troubled Assets Relief Program).

The need to provide greater protections to Americans in the area of consumer financial products, such as mortgages and credit cards, was a key focus of majority Democrats in Congress after the financial meltdown of 2008.

With Warren, and Treasury Secretary Timothy Geithner by his side in the White House Rose Garden, the president said financial system abuses had cost American families tens of billions of dollars.

Mr. Obama said this is something Warren will help bring to an end.

"For years, financial companies have been able to spend millions of dollars on their own watchdog - lobbyists who look out for their interests and fight for their priorities," he said. "That is their right.  But from now on, consumers will also have a powerful watchdog, a tough and independent watchdog whose job it is to stand up for their financial interests, for their families future."

Though she did not speak at the Rose Garden event, in comments on the official White House blog, Warren said the new bureau would "level the playing field" and work to repair "a gaping hole in the budgets of millions of families."

The new consumer protection bureau will be financed by the U.S. Federal Reserve, and have wide authority to enforce regulations, with Warren reporting to President Obama and Treasury Secretary Timothy Geithner.

Warren has been the object of sharp criticism from within the U.S. financial community, and in the U.S. Congress, for advocating a crack down on abusive lending and other practices, but has been widely praised by consumer protection groups for her positions.

By appointing her as an adviser, President Obama avoided a potentially bruising confirmation fight for Warren had she been formally nominated to head a new agency.

White House spokesman Robert Gibbs declined to say whether Warren could eventually be nominated to head the new bureau, saying only that she is focused now on bringing it into existence.

The target date for formally establishing the new consumer protection bureau in the Treasury Department is July, 2012.

You May Like

Cambodia Seeks Official UN Maps for Vietnam Border

Notice of request comes as 2 countries open border talks Tuesday after a clash last month More

From South Africa to Vietnam, Cyclists Deliver Message Against Rhino Horns

Appalled by poaching they saw firsthand, sisters embark on tour to raise awareness in countries where rhino horn products are in demand More

Uber Wants Johannesburg Police Protection

Request follows recent protests outside ride-hailing service's Johannesburg office More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Getting it Done Beyond a Nuclear Deali
X
July 07, 2015 12:02 PM
If a nuclear deal is reached between Iran and world powers in Vienna, it will be a highly technical road map to be used to monitor nuclear activity in Iran for years to come to ensure Tehran does not make nuclear weapons. Equally as complicated will be dismantling international sanctions that were originally intended to be ironclad. VOA’s Heather Murdock talks to experts about the key challenges any deal will present.
Video

Video Getting it Done Beyond a Nuclear Deal

If a nuclear deal is reached between Iran and world powers in Vienna, it will be a highly technical road map to be used to monitor nuclear activity in Iran for years to come to ensure Tehran does not make nuclear weapons. Equally as complicated will be dismantling international sanctions that were originally intended to be ironclad. VOA’s Heather Murdock talks to experts about the key challenges any deal will present.
Video

Video Rice Farmers Frustrated As Drought Grips Thailand

A severe drought in Thailand is limiting the growing season of the country’s important rice crop. Farmers are blaming the government for not doing more to protect a key export. Steve Sandford reports from Chiang Mai, Thailand.
Video

Video Making Music, Fleeing Bombs: New Film on Sudan’s Internal Refugees

In 2012, Sudanese filmmaker Hajooj Kuka went to make a documentary among civil war refugees in Sudan’s Blue Nile and Nuba Mountains region. What he found surprised him: music was helping to save people from bombing raids by their own government. VOA’s Carolyn Weaver has more.
Video

Video 'From This Day Forward' Reveals Difficult Journey of Transgender Parent

In her documentary, "From This Day Forward", filmmaker Sharon Shattuck reveals the personal journey of her transgender father, as he told his family that he always felt he was a woman inside and decided to live as one. VOA’s Penelope Poulou has more.
Video

Video Floodwaters Threaten Iconic American Home

The Farnsworth House in the Midwest State of Illinois is one of the most iconic homes in America. Thousands of tourists visit the site every year. Its location near a river inspired the design of the house, but, as VOA’s Kane Farabaugh reports, that very location is now threatening the existence of this National Historic Landmark.
Video

Video Olympics Construction Scars Sacred Korean Mountain

Environmentalists in South Korea are protesting a Winter Olympics construction project to build a ski slope through a 500-year-old protected forest. Brian Padden reports that although there is strong national support for hosting the 2018 Pyeongchang Winter Olympics, there are growing public concerns over the costs and possible ecological damage at the revered mountain.
Video

Video Xenophobia Victims in South Africa Flee Violence, Then Return

Many Malawians fled South Africa early this year after xenophobic attacks on African immigrants. But many quickly found life was no better at home and have returned to South Africa – often illegally and without jobs, and facing the tough task of having to start over. Lameck Masina and Anita Powell file from Johannesburg.
Video

Video Family of American Marine Calls for Release From Iranian Prison

As the crowd of journalists covering the Iran talks swells, so too do the opportunities for media coverage.  Hoping to catch the attention of high-level diplomats, the family of American-Iranian marine Amir Hekmati is in Vienna, pleading for his release from an Iranian prison after nearly 4 years.  VOA’s Heather Murdock reports from Vienna.
Video

Video UK Holds Terror Drill as MPs Mull Tunisia Response

After pledging a tough response to last Friday’s terror attack in Tunisia, which came just days before the 10th anniversary of the bomb attacks on London’s transport network, British security services are shifting their focus to overseas counter-terror operations. VOA's Henry Ridgwell has more.
Video

Video Obama on Cuba: This is What Change Looks Like

President Barack Obama says the United States will soon reopen its embassy in Cuba for the first time since 1961, ending a half-century of isolation. VOA White House correspondent Luis Ramirez reports.
Video

Video Hate Groups Spread Influence Via Internet

Hate groups of various kinds are using the Internet for propaganda and recruitment, and a Jewish human rights organization that monitors these groups, the Simon Wiesenthal Center, says their influence is growing. The messages are different, but the calls to hatred or violence are similar. VOA's Mike O’Sullivan reports.
Video

Video Blind Somali Journalist Defies Odds in Mogadishu

Despite improving security in the last few years, Somalia remains one of the most dangerous countries to be a journalist – even more so for someone who cannot see. Abdulaziz Billow has the story of journalist Abdifatah Hassan Kalgacal, who has been reporting from the Somali capital for the last decade despite being blind.

VOA Blogs