According to a Democratic official, Elizabeth Warren, Harvard law professor will be appointed as a special advisor to a Treasury Department by the President Obama. Consumer protection bureau is the major part of the new financial regulatory service and with this appointment she will help to create the consumer protection bureau, without indulging in any kind of confirmation by any grueling governing body.

Her roles include direct reporting to the president as an assistant and also work as a special advisor to Treasury Secretary Timothy F. Geithner and also lead the administration’s work on the bureau. The official announcement regarding the appointment is still to be announced, said by an official.

There are many parties who have been constantly pressurizing Obama to appoint Warren as the director of the bureau on five years term which also includes Senate confirmation. But Republicans who occupy large number of votes in the Senate are against Warren’s appointment and many of them have tried to delay this appointment for months without giving full Senate vote.

Giving Warren a new role of special advisor has helped White house to avoid an intense messy Senate fight over her role. An official said that still it is not clear that her new role exclude her from her ultimate nomination to the director’s post or not. If she is excluded from the nomination for director’s post then it is expected that administration would take several months to fill the post.

Representative Barney Frank said in an interview last night that seeing the political tactics for delaying Warren’s appointment, this seems to be tough on part of President Obama. He also said that Republicans in the Senate are very reluctant on Obama’s picks and moreover it is certain that every democrat would not vote for her either.

Treasury officials said that it is the tough time for them also because they have received more than 100 resumes in recent weeks and have also interviewed potential communications staff and have discussed how to structure the general counsel's office but unable to hire anyone for the post.

One of the biggest supporters of Warren was Frank, who appreciates Obama’s decision. Frank chairs the House Financial Services Committee and helped technically to fix the financial regulatory law that bears his name.

He also said that her appointment by the White House is the best news for all the American consumers during this financial year.

But her appointment is facing a continuous disapproval from Republicans although Senate Republican leader Mitch McConnell does not commented on it.

By Warren appointment nobody is happy, neither the liberals who want to see her ruling the show, nor the president who still have to do labour to bring together liberal base and nor the street, which is still unsure about the rules of the road, mentioned by a senior GOP aide on the note that his identify should not be revealed.

Senate Banking Committee Chairman Christopher Dodd (D., Conn.) said this might be the wrong move by the White house without having her nominated for Senate scrutiny.

Several months have been spent by Liberals group in demanding Ms. Warren to run the new agency. The White House considered that appointment of Warren would be loved by the consumers but would put all the business groups at alert.

During the debate on the financial regulatory overhaul bill of the Consumer Financial Protection Bureau, Warren was found to be the leading promoter because of her experience. She is 61 and has taught at Harvard Law School since 1995 and she comes out as the nation’s leading specialists on the effects of bankruptcy on American families. She is straight-forward and out-spoken and criticized financial institutions for creating a lending system for consumers which includes hidden fees and penalties in vague terms.

Warren occasionally meets Geithner as the chairwoman of the congressional group over his department’s use of Troubled Asset Relief Program money and her committee’s findings.

Geithner was also impressed by Warren incredible capabilities and her effective way of thinking ahead of the time for the upcoming housing crisis.

The Department of Treasury is given the responsibility for setting the bureau by the Dodd-Frank financial regulatory law before it becomes an independent agency housed at the Federal Reserve.

The powers of the bureau include establishing and imposing rules on mortgages, credit cards, and other consumer credit products with the powers to examine big lenders like Bank of America Corp. and J. P. Morgan Chase & Co. Inspite of Warren’s unusual title, she has the power to recruit staff for the agency, set the policy mission and serve as the recognizable public face for a new agency the administration wants to promote. The budget sanctioned for the bureau is $400 million.

Several financial firms including banks are uncertain about the proceedings of Warren as how she might use the agency’s wide authority and many banking representatives said that Warren’s consumer advocacy might mess their ability to lead the new bureau.

Wayne Abernathy, an executive vice president at the American Bankers Association, who handles regulatory affairs is quite please with the appointment and said that the agency “would start off with accountability and oversight.’’