Elizabeth Warren is expected to be named special adviser to the treasury secretary.

Elizabeth Warren – President Obama officially is expected to announce his appointment of Elizabeth Warren as assistant to the president and special adviser to Treasury Secretary Timothy Geithner on the Consumer Financial Protection Bureau. In the new role, Warren, now the head of oversight for the Troubled Asset Relief Program, will launch the U.S. Bureau of Consumer Financial Protection.

CNN.com/Live will carry the announcement at 1:30 p.m. ET Friday. It comes after months of speculation over who'll be appointed to play a key role in crafting the Consumer Financial Protection Bureau.

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