Greg David

President Barack Obama has named Wall Street critic Elizabeth Warren his special adviser and tasked her with setting up the new Consumer Financial Protection Bureau, which will look out for consumers in their dealings with banks, mortgage companies and other financial institutions. "She was the architect behind the idea for a consumer watchdog, so it only makes sense that she should be the architect working with Secretary of Treasury Geithner in standing up the agency," he said. The 61-year-old Harvard professor can assume her duties immediately. The appointment means Warren avoids a lengthy confirmation battle in the Senate.

Greg David, director of the business and economics program at the CUNY Graduate School of Journalism, with a local economics roundup.

Congress passed the financial reform package yesterday afternoon. Kathryn Wylde, president & CEO of the Partnership for New York City, and Greg David, director of the business and economics program at the CUNY Graduate School of Journalism, talk about what the new regulations will mean for Wall St & New York City.