The Finance Professionals' Post educates readers in the finance and banking sectors on the forces that shape their business. The FPP is a publication of the New York Society of Security Analysts (NYSSA).
Elizabeth Warren, a Harvard law school professor and an expert on consumer bankruptcy, has overseen the panel monitoring the Troubled Asset Relief Program (TARP) since October 2008. She has continuously advocated for a new consumer financial protection agency that would attempt to reform credit and lending practices. President Obama officially signed the agency into legislation, creating the Bureau of Consumer Financial Protection. Threatened by this new monitoring entity, banks are trying to weaken the bureau by influencing the selection of the agency’s director. Many people support Warren as a candidate to lead the agency, while banks worry that she will be too harsh with them.