Influencers 2010

Influencer: Elizabeth Warren, Bureau of Consumer Financial Protection

The Agency Obama Tapped Her to Create From Scratch Will Have a Lot of Say Over Advertising

By Published on .

CHICAGO (AdAge.com) -- It doesn't get more influential than this: Harvard University law professor Elizabeth Warren gets to set up a government agency from scratch.

Elizabeth Warren, leader, Bureau of Consumer Financial Protection
Elizabeth Warren, leader, Bureau of Consumer Financial Protection Credit: Jin Lee/Bloomberg News
That's the power President Barack Obama gave Ms. Warren when he charged her with launching the Bureau of Consumer Financial Protection, which was created by Congress as part of a sweeping overhaul of the nation's financial regulatory system.

The bureau -- which goes live in July -- will promote transparency for mortgages, credit cards and other financial products.

Ms. Warren, a favorite of liberals, is credited with the idea to create the agency, which the financial industry opposed.

She described her role this way on a posting on the White House blog: "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."

For financial marketers, that could mean new advertising disclosure requirements that go beyond what is already required by the Federal Trade Commission, said Randal Shaheen, a corporate lawyer who co-edits the Consumer Advertising Law Blog. Marketers should expect "a lot of enforcement early because she knows the stuff and she's going to want to set some precedents," he said.

The ad world awaits.

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