Elizabeth Warren, who conceived of and helped set up the new Consumer Financial Protection Bureau, plans to announce her candidacy for the Democratic nomination for the U.S. Senate from Massachusetts on Wednesday, media reports said.

Warren, the Harvard professor whom President Obama passed up to be the CFPB's first director, plans to release a video announcing that she will seek the Democratic nomination for the right to challenge Sen. Scot Brown (R-Mass.) next year.

Brown was elected in a special election in January 2010 following the death of Sen. Edward M. Kennedy (D-Mass.)

“The pressures on middle class families are worse than ever, but it is the big corporations that get their way in Washington,” Warren says in the video, according to a partial script that was published by The Boston Globe on its web site.

“I want to change that. I will work my heart out to earn the trust of the people of Massachusetts.” Warren, a professor of bankruptcy law at Harvard Law School, also plans to visit five Massachusetts cities on Wednesday.

Currently six Democrats have announced that they are seeking the nomination for the right to challenge Brown but party leaders have expressed concern that none of them has the stature to beat him.

Meanwhile, former Ohio Attorney General Richard Cordray is facing a battle from Senate Republicans over his nomination to be the first CFPB director.

Even though Massachusetts is a heavily Democratic state, Brown has high approval ratings according to several polls.