Wall Street Critic to Launch New Consumer Agency

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President Barack Obama tapped Wall Street critic Elizabeth Warren, Friday, to start up a new government agency.

Obama said the Administration's new Consumer Financial Protection Bureau is designed to help consumers with banks, mortgage companies, and other financial institutions.

Some are calling Warren, who will help launch the new agency, a Wall Street watchdog.

"Three years ago she came up with an idea for a new, independent agency, that would have one simple overriding mission: standing up for consumers and middle class families," Obama said.
 
The bureau will have broad powers to write and enforce regulations.

The White House said Warren will not be in charge of directing the agency, but that she'll be an adviser for getting it off the ground. This allows the president to sidestep the congressional confirmation process.

Phil Kerpen, with Americans for Prosperity, spoke to CBN News about this new post and agency. Click play for his remarks on why critics do not like the idea of another federal office.

Related Link:

Americans for Prosperity

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