Elizabeth Warren
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Controversy over head of US watchdog

President Obama is set to give the task of setting up America's new consumer financial watchdog to Elizabeth Warren, but opposition from Wall Street and the Republican party will make this difficult.

President Obama's often fraught relationship with the financial world will be tested again later.

He is set to give a key position to one of Wall Street's most outspoken critics - Harvard Law Professor Elizabeth Warren.

She will be tasked with setting up America's new consumer financial watchdog - a major pillar of US financial reform legislation.

Mr Obama had hoped to appoint Ms Warren as head of the agency.

But opposition from Wall Street, and the Republican party, is making that almost impossible, as Juliana Liu reports.