• Reuters, Friday, September 17, 2010 10:46 AM

As she accepted the job of setting up a consumer financial protection agency for President Barack Obama today, Elizabeth Warren declared that the time for financial "tricks and traps" was over, writes Jeff Mason. Obama is expected to announce his appointment of Warren, a Harvard University professor and hero to liberal activists, at 1:30 pm ET.

The Consumer Financial Protection Bureau, which is Warren's brainchild, will have broad powers to write and enforce regulations covering mortgages, credit cards and other financial products. She is reviled by many on Wall Street for her calls to crack down on abusive lending practices by financial firms.

Warren said in a blog post on the White House website that "the new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over."

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