The Senate Democratic leadership is announcing on Dec.12th that Warren will
be given a seat on the Senate Banking Committee. As Forbes
put it recently, Warren’s ascent to the Senate alone was “Wall Street’s worst nightmare.” This could make that nightmare a good deal worse.
Warren’s appointment to the Banking Committee was expected; Ryan Grim
broke the news some time ago. But today’s announcement will make it official.
This is going to give Warren a choice perch from which to continue to
press the crusade for Wall Street oversight and accountability. And it
continues a battle between her and Wall Street that stretches back
literally years. Warren, a consumer advocate and expert in bankruptcy
law, angered Wall Street when she pressed state attorneys general to
demand a huge settlement from major banks and financial institutions
they were investigating for improper foreclosure procedures. Warren was
also the inspiration behind the Consumer Financial Protection Bureau,
which produced one of the ironies of her career.
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