Official defends new consumer bureau against GOP (AP) – 385th Edition

16 03 2011

FILE - In this July 21, 2010, file photo, Elizabeth Warren, before a Senate Finance Committee hearing to examine the Troubled Asset Relief Program in Washington. Warren, the Harvard law professor who championed the Consumer Financial Protection Bureau and is now in charge of setting it up, faces the hostile fire directly on Wednesday. Republicans running the House Financial Services Committee will press her to answer their concerns, shared by banks and other business interests, that the agency and its director will have unfettered power over financial products used by millions of people and might abuse it. (AP Photo/Manuel Balce Ceneta, File)AP – The Obama administration official assembling the new federal agency overseeing credit cards, mortgages and other financial products is rebuffing banking industry claims that the agency is too powerful and lacks accountability.

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