From the White House website: 

And that’s partly why even when I was still in the U.S. Senate, I took such a great interest in the work of the woman standing next to me.  I have known Elizabeth Warren since law school.  She’s a native of Oklahoma.  She’s a janitor’s daughter who has become one of the country’s fiercest advocates for the middle class.  She has seen financial struggles and foreclosures affect her own family.

Long before this crisis hit, she had written eloquently, passionately, forcefully, about the growing financial pressures on working families and the need to put in place stronger consumer protections.  And three years ago she came up with an idea for a new independent agency that would have one simple overriding mission:  standing up for consumers and middle-class families.

Thanks to Elizabeth’s efforts, as well as the dedication and persistence of the person to my right, Secretary of Treasury Geithner, as well as leaders in Congress like Chris Dodd and Barney Frank, that agency will soon become a reality.

The Consumer Financial Protection Bureau, which was one of the central aspects of financial reform, will empower all Americans with the clear and concise information they need to make the best choices, the best financial decisions, for them and their families.