Friday, September 17, 2010

New agency: U.S. credit card, mortgage watchdog

President's choice to help set up U.S. credit card, mortgage watchdog - International Business Times:
"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,' she said.� 'They shouldn't learn about an unfair rule or practice only when it bites them -- way too late for them to do anything about it.'

Obama, who called her a 'dear friend' last week at a press conference, would not commit to nominating her but said she had the idea for the agency and is 'a tremendous advocate' for it.

White House spokesman Robert Gibbs told reporters on July 26 that Warren was 'very confirmable' by the Senate in response to ongoing concerns from Sen. Christopher Dodd, D-CT. Dodd said this week that not enough of the chamber's legislators would support her if she was first given an interim appointment."

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