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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Obama names Warren to set up new consumer finance body AFP - Saturday, September 18 Send IM Story Print Obama names Warren to set up new consumer finance body WASHINGTON (AFP) - – President Barack Obama named a Harvard law professor who has fought passionately against banks to set up a powerful new office to protect consumers from risky financial practices. Elizabeth Warren, 61, was appointed as Obama's assistant and as a special adviser to the Treasury Department on the creation of the new Consumer Financial Protection Bureau, an agency whose creation she championed. "Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards, mortgages, and student loans," the president said. "Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history," he said at a Rose Garden news conference with Warren and Treasury Secretary Timothy Geithner. The position gives Warren power to shape the new agency while sidestepping the need for a congressional confirmation that was certain to face fierce opposition from the US financial industry. Obama said she would have a "pivotal role" in the selection of a director for the new agency, as well as in recruiting its staff, designing policy initiatives and other decisions about its future. She also will have direct access to Obama as his adviser on consumer affairs, he said. Republican lawmakers immediately complained that her appointment undermined congressional oversight of the most significant new regulator of the financial industry in more than 35 years. "This is unprecedented," Representatives Darrel Issa and Spencer Bachus wrote in a letter to the White House. "For the next 10 months, it appears the CFPB will exist in a murky status that seems designed to obstruct congressional and public scrutiny of its operations." But her Democratic supporters in Congress cheered the appointment. Senator John Kerry of Massachusetts said the maneuver to avoid a confirmation fight was necessary because the "toxic atmosphere" in the Senate would made Warren "target number one in this political season's political gamesmanship." White House spokesman Robert Gibbs said it would have taken "months and months and months" to get her confirmed as the agency's director. Warren lost no time in showing what banks, mortgage lenders and financial companies -- whose free-lending practices were widely blamed for the 2008 financial meltdown -- have to fear from the new office. "The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over," she wrote in a White House blog Friday. She boiled down the new bureau's mission to "a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal. "They shouldnt learn about an unfair rule or practice only when it bites them -- way too late for them to do anything about it," she said. Disarmingly folksy but fiercely determined, Warren has spent a good part of her academic career studying consumer credit, bankruptcies and their impact on the US middle class. Appointed by Senate Majority Leader Harry Reid to head a congressional oversight panel of the 2008 bank bailout, she used the position to aggressively question the Treasury Department's treatment of the banks. And she turned to TV interviews to forcefully argue for greater protections for what she sees as an endangered middle class. "We've hacked at it and pulled at it and chipped at it for 30 years now, and now there's no more to do. We fix this problem going forward, or the game really is over," she said on "The Daily Show with Jon Stewart." Time magazine, which has twice named her among the 100 most influential people in the world, pictured her on its May 24 cover as one of "The New Sheriffs on Wall Street." Born in Oklahoma to a family battered by the Great Depression, she won a university scholarship for her debating skills. She has written nine books, including two best-sellers, written hundreds of scholarly articles, and was named by a legal journal as one of the most influential lawyers of the decade. 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