Warren meets with White House officials

Elizabeth Warren, whom many Democrats want to see nominated as head of a new consumer financial agency, met with White House officials on Thursday.

The Obama administration has repeatedly said Warren is under consideration as the inaugural head of the Consumer Financial Protection Bureau, a centerpiece of the president's effort to overhaul financial regulations.

"The president believes that Elizabeth Warren is a champion for middle-class families and consumers and she, among others, is a strong contender for this position," said White House spokeswoman Amy Brundage. "The president has not yet made a decision and no announcement is imminent."

Warren is a Harvard professor and head of a congressional oversight panel for the $700 billion bailout of the financial system.

The confirmation hearings and vote for the first head of the agency are expected to be among the most controversial for financial regulatory positions. The consumer bureau has broad rulemaking and enforcement power and will have an annual budget in excess of $400 million.