President Barack Obama appointed Elizabeth Warren, known to be a critic of Wall Street, to lead the creation of an agency to regulate financial institutions on Friday, according to the Associated Press.
Warren, a 61-year-old Harvard law professor, has been appointed by the president to oversee the creatuib of consumer bureau, an institution that stems from the U.S. financial reform law, passed in July, according to MSNBC. Warren has been a critic of lending practices of financial institutions as well as a consumer advocate.
Warren's appointment is temporary and will bypass a Senate confirmation hearing, according to MSNBC.. The consumer bureau will look to regulate institutions like banks and credit card companies for fair practices, according to the Associated Press.