President Picks Oklahoma Native to Start New Consumer Protection Bureau

News9.com

WASHINGTON, DC -- President Barack Obama will appoint an Oklahoma native as the advisor to a new agency that will help protect consumers dealing with the financial industry.

Elizabeth Warren will start the Consumer Financial Protection Bureau. The bureau was created by the financial regulatory bill President Obama signed into law earlier this year.

The bureau is intended to act as an advocate for people dealing with banks and mortgage companies. Warren described the agency as a "tough cop on the beat" protecting consumers from financial industry abuses, and helping Americans make better financial decisions.

Warren will not head the agency. By appointing her as an advisor instead of the agency head, President Obama was able to avoid the congressional confirmation process.

Warren is a 61-year-old Oklahoma native whose father was bilked out of his savings by a business partner. She's a Wall Street critic and Harvard professor.