Elizabeth Warren to Head Creation of Consumer Financial Protection Bureau

President Obama has tapped Elizabeth Warren, a primary architect of this summer's financial reform bill, to head the Consumer Financial Protection Bureau (CFPB) that the legislation created. Warren writes: "The new consumer bureau is based on a pretty simple idea: People ought to be able to read their credit card and mortgage contracts and know the deal." Warren is committing the CFPB to correct market failures resulting from imperfect information being passed on to consumers in the form of deceptive credit agreements. Warren believes that if such safeguards had been in place, our current recession could have been prevented by government intervention to stop deceptive and predatory lending.