President Obama Says Elizabeth Warren "One Of The Country's Fiercest Advocates For The Middle Class" Praises Warren for New Consumer Financial Protection Agency While Boston Globe Exposes Republican Scott Brown'S Multi-Million Wall Street Campaign Fund

BOSTON – In a new ad released today, President Obama says Elizabeth Warren "is one of the country's fiercest advocates for the middle class," and praises the consumer advocate for "an idea for a new independent agency that would have one simple overriding missions: standing up for consumers and middle class families."

The new ad will begin broadcast across Massachusetts tonight.

President Obama is referring to the new Consumer Financial Protection Bureau now working as a watchdog to protect consumers from what Warren calls the "tricks and traps of big banks and credit card companies." Warren led the fight to create the new agency, bringing to life an idea she had after years of advocating for consumers hurt by the fine print and increasingly hard to understand language of mortgages, credit agreements, student loans and other financial documents.

"Consumers need a strong advocate and watchdog to hold the big banks and credit card companies accountable," said Warren. "It was a hard fight against an army of lobbyists to get the Consumer Financial Protection Bureau, but we brought together a lot of people and built a grassroots movement that succeeded."

The ad is introduced today as The Boston Globe reports on a Scott Brown fundraising committee that has collected nearly $3 million, most from the financial industry, in contributions that are six times larger than those allowed to his primary campaign committee. The Globe also reported that contributions spiked dramatically after Warren, well-known for standing up to Wall Street, became a candidate.

A transcript of the ad follows.

Elizabeth Warren  "Rose Garden"

[Obama VO]:  Elizabeth Warren.  She's a janitor's daughter who has become one of the country's fiercest advocates for the middle class. She came up with an idea for a new independent agency that would have one simple overriding mission: standing up for consumers and middle class families.

[Warren]: The big banks tried to stop us but that new agency is already working to cut the fine print and hold those banks accountable. We can take on the big guys and win. I'm Elizabeth Warren.