Warren Should Head New Consumer Agency, Brown Says

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Warren Should Head New Consumer Agency, Brown Says

Business Week – June 22 (Bloomberg) — Elizabeth Warren, who leads the congressional panel overseeing the government’s rescue of financial firms, should be picked by President Barack Obama to head a new consumer financial agency, Democratic Senator Sherrod Brown said.

“I would love to see the president appoint Elizabeth Warren,” Brown of Ohio said in an interview today at Bloomberg’s Washington office. “I don’t have any idea if that would happen. I know a lot of people who would not love to see the president appoint Elizabeth Warren.”

Warren, who is on leave from her post as a professor at Harvard Law School, is a best-selling author and expert on bankruptcy and credit. Her panel has criticized actions in 2008 by the U.S. Treasury and Federal Reserve to bail out banks and insurance company American International Group Inc.

Democrats defeated Republican efforts today to scale back the powers of the proposed consumer financial protection bureau, which would be housed at the Fed. The bureau would have the power to write and enforce rules banning abusive practices in credit-card and mortgage lending.

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