| September 20, 2010

Warren named special advisor of Consumer Financial Protection Bureau

Last week, President Barack Obama appointed Elizabeth Warren to advise the newly founded Consumer Financial Protection Bureau. Warren, a professor at the Harvard Law School, is credited with proposing the idea of the new government organizaton.

Obama says Warren will play a “pivotal role” in helping name a director for the Bureau in the coming months, according to Bloomberg. At the top of her priorities list, Warren will be working to revise credit card marketing.

Credit card agreements are still long and they are still hard to read and they are still chock full of surprises,” Warren told Bloomberg in a recent interview. “Maybe we need to think about how do you design a credit card agreement from the beginning where ordinary folks can read it in just a few minutes and understand it.”

Aside from her duties as a special advisor for the Bureau, Warren says she will be assisting President Obama and serving as a special advisor to Treasury Secretary Timothy Geithner. The Bureau is aimed toward giving consumers more protection against aggressive credit card marketing.

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