A very good choice. Poor Larry Summers must be having a pretty bad day though. Warren may not have made it through Senate confirmation to be the formal consumer director because the GOP was dead set against anyone who wasn’t a banker and part of the problem. The GOP knows where their bread is buttered.
President Barack Obama plans to name Wall Street critic Elizabeth Warren to a special advisory role helping to set up the new U.S. consumer financial watchdog, Democratic sources said on Wednesday.
Warren, a 61-year-old Harvard law professor, would report to Obama and the Treasury Department in a position that would bypass the Senate confirmation process.
An announcement was likely to come on Friday.
Warren is reviled by many on Wall Street for her calls to crack down on abusive lending practices by financial firms, but she is a hero to liberal activists and consumer groups.