Warren Accepts Consumer Protection Agency Role, Vows to End 'Tricks'

Elizabeth Warren said Friday that she had accepted the position of creating a consumer financial protection agency and vowed the agency would put an end to "tricks and traps" in consumer lending.

In a White House blog post this morning, Warren said she "enthusiastically agreed" to take the position of assistant to the President and adviser to Treasury Secretary Timothy Geithner.

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"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," Warren wrote. "The time for hiding tricks and traps in the fine print is over."

Obama announced Warren's appointment this afternoon. She was the front-runner to head the new agency, despite fierce opposition from the financial industry. By naming Warren as an adviser, Obama will bypass a potentially tricky Senate confirmation.