Elizabeth Warren 'in line for Consumer Financial Protection Bureau role'

15 September 2010

Harvard law professor Elizabeth Warren may be handed the responsibility of helping to create the new Consumer Financial Protection Bureau.

President Barack Obama is said to be close to naming Ms Warren as a counselor to Treasury secretary Timothy Geithner, reports Bloomberg.

Under the Dodd-Frank Act, Mr Geithner holds the responsibility for establishing the bureau ahead of it becoming an independent body based in the Federal Reserve.

Ms Warren has been credited as the person behind the idea for the agency and appointing her to an advisory role would allow the Democrats to avoid a battle in the Senate to get her a job at the bureau.

Last month, Richard Susko, partner at law firm Cleary Gottlieb, told the Financial Times that the piece of legislation contained in the Dodd-Frank Act which intends to compare the pay ratio of chief executives against employees will be highly difficult for firms to calculate.

By Gary Cooper

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