President Obama will appoint Harvard Law School Professor Elizabeth Warren as a special adviser to the new Bureau of Consumer Protection later this week, according to media reports last night.

The position could give Elizabeth Warren significant influence in the process of setting up the Bureau—charged with monitoring consumer financial products and services, including mortgages and credit cards—while avoiding a lengthy Senate confirmation process.

As a special adviser, Warren will be able to begin laying the groundwork for the Bureau immediately until she or another permanent director is announced. She would report jointly to Obama and Treasury Secretary Timothy F. Geithner, according to the New York Times.

Though the advisory role will allow Warren to sidestep Senate confirmation, it is likely to anger Republicans who may view the appointment as a maneuver intended to dodge conservative approval. It is also possible that Obama may nominate her as director of the agency later on, according to the Wall Street Journal.

The selection has not been officially announced, but ABC News first reported the upcoming appointment yesterday.

Warren, who was the original architect of the agency, is considered a natural choice to serve as inaugural director by most liberals. Following the financial crisis, Warren chaired the Congressional Oversight Panel and oversaw the Troubled Asset Relief Program (TARP), which rescued banks by purchasing assets and injecting equity to shore up troubled balance sheets.

But many on Wall Street are wary of Warren’s fierce advocacy for consumer rights and her tough stance on the regulation of financial institutions. Appointing Warren as director would likely ignite a fiery debate in Washington that Democrats fear could result in a Republican filibuster.

The Bureau, which falls under the aegis of the Federal Reserve Board, was signed into law in July as part of the financial reform and consumer protection act. The Bureau will also have the authority to issue subpoenas and to preside over investigations that could result in legal action in court, similar to the Securities and Exchange Commission.

The Law School declined to comment on the unofficial appointment.

—Staff writer Zoe A. Y. Weinberg can be reached at zoe.weinberg@college.harvard.edu