The President appointed Elizabeth Warren to create the Consumer Financial Protection Bureau:
Part of the President’s Remarks about Ms. Warren:
And that’s partly why even when I was still in the U.S. Senate, I took such a great interest in the work of the woman standing next to me. I have known Elizabeth Warren since law school. She’s a native of Oklahoma. She’s a janitor’s daughter who has become one of the country’s fiercest advocates for the middle class. She has seen financial struggles and foreclosures affect her own family.
Long before this crisis hit, she had written eloquently, passionately, forcefully, about the growing financial pressures on working families and the need to put in place stronger consumer protections. And three years ago she came up with an idea for a new independent agency that would have one simple overriding mission: standing up for consumers and middle-class families.
Thanks to Elizabeth’s efforts, as well as the dedication and persistence of the person to my right, Secretary of Treasury Geithner, as well as leaders in Congress like Chris Dodd and Barney Frank, that agency will soon become a reality.
The Consumer Financial Protection Bureau, which was one of the central aspects of financial reform, will empower all Americans with the clear and concise information they need to make the best choices, the best financial decisions, for them and their families.
Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans. The bureau is going to crack down on the abusive practices of unscrupulous mortgage lenders. It will reinforce the new credit card law that we passed, banning unfair rate hikes and ensure that folks aren’t unwittingly caught by overdraft fees when they sign up for a checking account. It will give students who take out college loans clear information and make sure that lenders don’t game the system. And it will ensure that every American receives a free credit score if they are denied a loan or insurance because of that score.
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WASHINGTON – SEPTEMBER 17: U.S. President Barack Obama (C) speaks as Secretary of the Treasury Timothy Geithner (L) and Congressional Oversight Panel Chair Elizabeth Warren (R) listen during a Rose Garden announcement September 17, 2010 at the White House in Washington, DC. Obama has appointed Warren to be his assistant and special adviser to the Secretary of the Treasury on the Consumer Financial Protection Bureau.
—-Alex Wong/Getty Images
U.S. President Barack Obama announces consumer advocate Elizabeth Warren (R) as special adviser leading the creation of the Consumer Financial Protection Bureau as U.S. Treasury Secretary Timothy Geithner (L) looks on in the Rose Garden of the White House in Washington September 17, 2010.
US President Barack Obama makes his way through the Colonnade with Elizabeth Warren (R) and Treasury Secretary Tim Geithner (behind) to the Rose Garden September 17, 2010 for an announcement at the White House in Washington, DC. Obama announced Warren?s appointment as assistant to the president and special advisor to Treasury Secretary Timothy Geithner. Warren will help create the new Consumer Financial Protection Bureau.
—–MANDEL NGAN/AFP/Getty Images
U.S. President Barack Obama puts his arm around consumer advocate Elizabeth Warren (R) after announcing her as the special adviser leading the creation of the Consumer Financial Protection Bureau in the Rose Garden of the White House in Washington September 17, 2010. At left is U.S. Treasury Secretary Timothy Geithner.
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