Elizabeth Warren: "Astonishing" that Big Banks Are Taking Taxpayer Money, Writing the Rules

Elizabeth Warren may be the American consumer's new best friend.

Warren, charged with overseeing the U.S. banking bailout (formally known as TARP), is pushing an agency that's devoted to looking out for individual Americans.

The proposed Consumer Financial Protection Agency would set more transparent rules for financial institutions to ensure consumers get help in understanding terms of their loans and agreements. Banks, however, are opposing another regulator.

"The banks, big banks, always get what they want," says Warren, in the third part of her sitdown interview with Aaron Task at The Economist's Buttonwood gathering. "They have all the money, all the lobbyists. And boy is that's true on this one. There's just not a lobby on the other side."