Tuesday, July 26, 2011

Elizabeth Warren to leave consumer financial agency

(Reuters) - Elizabeth Warren, the law professor who persuaded the Obama administration to create the Consumer Financial Protection Bureau, will step down on August 1 from her role setting up the controversial new regulator, the Treasury said on Tuesday.Warren will return to Harvard Law School and will be succeeded by a close aide and former banker, Rajeev Date.The agency officially opened its doors for business on July 21 but still does not have a confirmed leader.Last week, President Barack Obama nominated Ohio's former attorney general, Richard Cordray, to be the bureau's first director.Senate Republicans, however, say they will block his nomination unless changes are made to the bureau, changes that Democrats contend will weaken the fledgling...

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