Confused

OK, so I realize that I am no genius. I am not politically savy, but am I missing something in the latest report about President Obama's selection of Elizabeth Warren as a special adviser for consumer protection? She was not named to direct a new agency, because as the AP reports:

Obama did not nominate Warren to be the bureau's director, however. Instead he is creating a role that allows her to avoid a lengthy confirmation fight with Senate Republicans who view her as too critical of Wall Street and big banks. The business and banking community opposed Warren as director, contending she would make the agency too aggressive.

Here's where I am confused (and remember, I am no James Carville, so maybe someone can explain the nuances of the situation to me): isn't the President a democrat, and doesn't his party currently control both houses of Congress? What's to be afraid of? Maybe we need Paul Harvey to tell us "the rest of the story..."