Warren commission?

20 July 2010 By James Pethokoukis

The new consumer finance regulator will have vast power to create rules that could crimp banks profits. And one of the top candidates to lead it is gadfly academic Elizabeth Warren. Wall Street s financial innovators will need to redouble efforts on the retail side.

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Elizabeth Warren, an outspoken consumer rights advocate, is among the top contenders to head a new financial consumer watchdog bureau, a senior White House adviser said on July 16.

There are other candidates as well. But Elizabeth is certainly a candidate to lead it," adviser David Axelrod told reporters on a conference call, calling Warren a "great champion of middleclass consumers.

Warren is a Harvard Law School professor who has been chairing a congressional panel overseeing the 2008 bank bailout program. She is a strong critic of big banks and is widely opposed by Republicans who tried but failed to block the bill.

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