Warren defends CFPB's power to ban consumer financial products 

Elizabeth Warren, President Obama's unconfirmed pick to head the new Consumer Financial Protection Bureau, defended the new agency's power to ban certain financial products.

Republicans on the House Oversight and Government Reform Committee raised concerns that the power to ban products would hurt consumer choice. Committee Chairman Rep. Darrell Issa, R-Calif., argued that there are plenty of products that may not be good for people, but that they are allowed to have, mentioning "adult beverages" as an example.

During her testimony, Warren said she had no plans to ban any specific product and that she thinks the focus of the agency should be on improving disclosure. However, she said believed the new agency should have a wide range of tools available to them, including banning products.

Under questioning from Rep. Trey Gowdy, R-S.C., Warren would not specifically say whether or not she thought payday lending should be banned.

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