New York, NY--Miles Rapoport, President of Demos, a national policy & advocacy center that was involved in the battle for passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, issued the following statement today on the appointment of Elizabeth Warren as Assistant to the President and Special Advisor to the Treasury Secretary:

"Demos welcomes the news that Professor Elizabeth Warren will lead the development of the new Bureau of Consumer Financial Protection. For decades, our patchwork federal regulatory system has failed to protect regular Americans’ wealth from unscrupulous banking practices. Now more than ever, American families are relying on essential public structures such as the new Bureau to ensure that lenders help them weather financial storms--not create them.

"Elizabeth Warren imagined and developed this agency, and has fought for the middle class tirelessly for years. With Professor Warren at the helm, the Bureau can start accomplishing its...