Elizabeth Warren, who is credited with founding the Consumer Financial Protection Bureau, will announce Wednesday that she is running for the U.S. Senate seat held by Scott Brown, R-Mass., according to combined press reports.
"The pressures on middle-class families are worse than ever, but it is the big corporations that get their way in Washington," Warren said in a statement. “I want to change that. I will work my heart out to earn the trust of the people of Massachusetts."
Although Warren is credited with coming up with the idea and starting the CFPB, she never became its director because of fierce opposition from Republicans who opposed the agency's creation in the Dodd-Frank Act.
She has served as an advisor to both the White House and Treasury Department. Sen. Brown is a former mortgage broker, but is not a member of the Senate Banking Committee.
In 2007 Warren stirred controversy in the mortgage industry by penning an op-ed piece in The Boston Globe, skewering loan brokers. The article was entitled "Mortgage Brokers' Sleight of Hand.”
