Although President Obama made the creation of a Consumer Financial Protection Bureau a hallmark of the financial reform law enacted July 21, his delay in nominating the agency's first director could hamper its ability to get off the ground.

With so much riding on the appointment, several observers had expected Obama to make his choice clear within days of the law's enactment. Instead, the absence of a pick has given rise to a grassroots campaign to appoint Elizabeth Warren to the job, which could create a political issue for the administration whether it ultimately chooses her or not.

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