AMERICAN President Barack Obama is close to appointing Wall Street critic Elizabeth Warren as his interim consumer finance regulator, according to reports last night.
Lawmakers have pressed Obama to instead hire a permanent head for the new consumer financial protection agency, which would mean a fierce debate in the Senate over Warren’s suitability.
Warren, 61, is a Harvard law professor and bankruptcy expert who has served as chair of the Congressional Oversight Panel, a watchdog for the US financial bailout program.
Her appointment is opposed by the financial industry and many Republicans, who contend she would impose heavy-handed regulations that would hurt Wall Street’s profits and global competitiveness.
The new agency will have power to write and enforce rules on credit cards, mortgages and other products.