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Obama Names Elizabeth Warren to Set Up New Consumer Body

WASHINGTON - US President Barack Obama was Friday to name Harvard professor Elizabeth Warren to set up a powerful new consumer protection office, part of this year's Wall Street reforms, the White House announced.

Rather than name Warren to head the consumer body, the White House said she will play a key role in setting it up, a designation that avoids a Senate confirmation battle over the controversial consumer advocate who has drawn Republican fire on Capitol Hill. (AFP) "Warren will play the lead role in setting up the Bureau and ensuring it is as effective as possible," the White House said.

"Warren will also advise the president on policies and programs that are designed to protect the financial interests of middle class families."

Rather than name Warren to head the consumer body, the White House said she will play a key role in setting it up, a designation that avoids a Senate confirmation battle over the controversial consumer advocate who has drawn Republican fire on Capitol Hill.

In remarks prepared for the announcement later Friday, Obama hailed the new consumer body.

"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," he 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.

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