Mr. Obama Selected Elizabeth Warren To Set Up Consumer Bureau‎

Elizabeth Warren

“I have more reaching out to do,” Warren said in an interview with Bloomberg Television, referring to the bankers she has criticized for taking advantage of consumers. “They are not the people I have been hanging out with for a long, long time.”

Mr. Obama said Ms. Warren would recruit staff and initiate policies for regulating mortgages, student loans and other consumer credit products, and would have a voice in picking the first director. The favorite among administration officials is Michael S. Barr, an assistant secretary of Treasury for financial institutions who is an authority on financial regulation and on services for low and moderate-income households.

Paul Miller, analyst at FBR Capital Markets, talks about the naming of Elizabeth Warren's as an adviser to help create the new Consumer Financial Protection Bureau.