December 5, 2012

Warren likely will get seat on banking panel

Reuters

WASHINGTON - U.S. Senator-elect Elizabeth Warren is expected to secure a seat on the Senate Banking Committee, two congressional aides said on Tuesday, a move that would give the Wall Street critic a powerful platform from which to oversee financial firms.

Elizabeth Warren
click image to enlarge

Sen.-elect Elizabeth Warren, D-Mass., an outspoken critic of Wall Street, may get a seat on the Senate Banking Committee.

The Associated Press

"We see her as an effective advocate for consumers," said one senior Democratic aide, in explaining the interest in putting Warren on the panel.

The aide added that a final decision will not be made until the new Congress convenes next month.

Warren, a Democrat and Harvard law professor, is credited as the prime architect of the Consumer Financial Protection Bureau, an agency created by the 2010 Dodd-Frank financial oversight law.

Bankers and other financial market players have criticized Warren as a rabid consumer advocate who does not fully understand the financial system.

Warren helped set up the new consumer agency, but President Obama did not nominate her to head the regulator amid fierce opposition in the Senate.

Now, with her win over incumbent Republican Massachusetts Sen. Scott Brown, Warren has an influential position to further her campaign to keep Wall Street in check.

The bipartisan Senate Banking Committee can influence policy decisions through its oversight of financial services, international trade, insurance, housing, securities and economic issues.

Warren, who has called for breaking up the big banks, could move to block amendments to Dodd-Frank aimed at blunting the full impact of costly reforms.

She would also be able to forcefully push for regulators to use all the powers available to them to write strict rules when interpreting financial laws.

A representative for Warren did not immediately respond to a request for comment.

 

Were you interviewed for this story? If so, please fill out our accuracy form

Send question/comment to the editors




Further Discussion

Here at PressHerald.com we value our readers and are committed to growing our community by encouraging you to add to the discussion. To ensure conscientious dialogue we have implemented a strict no-bullying policy. To participate, you must follow our Terms of Use.

Questions about the article? Add them below and we’ll try to answer them or do a follow-up post as soon as we can. Technical problems? Email them to us with an exact description of the problem. Make sure to include:
  • Type of computer or mobile device your are using
  • Exact operating system and browser you are viewing the site on (TIP: You can easily determine your operating system here.)