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Who will be the first consumer finance protection czar, and how much political drama will be involved?

As the new Bureau of Consumer Financial Protection is formed there has been much consternation and debate over who will eventually head the agency tasked with keeping banks and financial institutions honest. President Obama has made it clear he wants to appoint Elizabeth Warren, Harvard law professor and current chair of the congressional panel overseeing the Troubled Asset Relief Program, but her nomination would likely face a Senate confirmation battle and delay. Rumor on Capitol Hill has it she may be appointed as counselor to Treasury Secretary Timothy Geithner, who under law is responsible for setting up the consumer bureau. Senator Bernie Sanders likes this idea, positing Ms. Warren’s appointment will get the process of accountability and oversight started in the right direction.