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

Koreas Mark 61st Anniversary of War Armistice

Muted observances on both sides of heavily-armed Demilitarized Zone that separates two decades-long enemies More

Judge Declares Washington DC Ban on Public Handguns Unconstitutional

Ruling overturns capital city's prohibition on carrying guns in pubic More

Pricey Hepatitis C Drug Draws Criticism

Activists are using the International AIDS Conference to criticize drug companies for charging high prices for life-saving therapies 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.
Students in Business for Themselvesi
X
Mike O'Sullivan
July 26, 2014 11:04 AM
They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.
Video

Video Not Even Monks Spared From Thailand’s Junta-Backed Morality Push

With Thailand’s military government firmly in control after May’s bloodless coup, authorities are carrying out plans they say are aimed at restoring discipline, morality and patriotism to all Thais. The measures include a crackdown on illegal gambling, education reforms to promote students’ moral development, and a new 24-hour phone hotline for citizens to report misbehaving monks. Steve Sandford reports from Bangkok.
Video

Video Virtual Program Teaches Farming Skills

In a fast-changing world beset by unpredictable climate conditions, farmers cannot afford to ignore new technology. Researchers in Australia are developing an online virtual world program to share information about climate change and more sustainable farming techniques for sugar cane growers. As VOA's Zlatica Hoke reports, the idea is to create a wider support network for farmers.
Video

Video Airline Expert: Missile will Show Signature on Debris

The debris field from Malaysia Airlines Flight 17 is spread over a 21-kilometer radius in eastern Ukraine. It is expected to take investigators months to sort through the airplane pieces to learn about the missile that brought down the jetliner and who fired it. VOAs Carolyn Presutti explains how this work will be done.
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.

AppleAndroid