Warren picked to oversee creation of consumer bureau

President Obama will name Elizabeth Warren to a position overseeing the creation of a new federal consumer financial protection office, according to a Democratic source.

The move will allow Warren, who originally pushed for the office as part of new financial regulations, to bypass full Senate confirmation. Warren would report to Obama and the Treasury Department, according to ABC News, which first reported the decision.

Warren would have faced a tough confirmation battle amid opposition from many Republicans.

Most Democrats and consumer advocacy groups have been urging the president to nominate Warren as the full-time head of the bureau.

"While this is good news for American families, it is my hope that President Obama will nominate Warren to a permanent position," Sen. Jeff Merkley (D-Ore.) said in a statement on Wednesday.

Sen. Bob Corker (R-Tenn.) criticized the move, saying the intent of the financial legislation, "was to have the head of this bureau go through the nomination, vetting and confirmation process."

Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee, has also said he wants the head of the office to go through a confirmation process.