Last month, Congress created an independent regulatory body within the Federal Reserve System, a body designed to address consumer financial products. The near-collapse of the banking system, and the economic and human devastation resulting from a dysfunctional lending market,precipitated this reform.
Echoes of the Wiley drama resound in this modern controversy. The question today is whether Professor Elizabeth Warren of the Harvard Law School and Chair of the TARP Congressional Oversight Panel should be appointed (by the President, with the advice and consent of the Senate) as the first Director of the new Bureau of Consumer Financial Protection.
Read the full article at thehill.com.