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Elizabeth Warren to join Senate banking panel

1:53 PM, Dec 4, 2012   |    comments
Elizabeth Warren. Photo by Alex Wong/Getty Images.
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Catalina Camia, USA TODAY

Democrat Elizabeth Warren, a consumer advocate and critic of Wall Street, appears poised to join the Senate Banking Committee next year after she is sworn in as a member of Congress.

Bloomberg News is reporting that Warren, who defeated GOP Sen. Scott Brown in Massachusetts last month, will be appointed to the panel at the behest of Senate leaders. The story cites two unnamed Democratic aides who were briefed on the matter.

Warren was tapped by President Obama to lead the Consumer Financial Protection Bureau, which was created under the Dodd-Frank Act that put in place sweeping new regulations on Wall Street. The law, signed by Obama in 2010, was a response to the recession and what the president said were "poorly enforced rules" that allowed some companies to game the financial system.

In the next Congress, lawmakers in the U.S. Senate and U.S. House will continue to implement the Dodd-Frank law and the banking committee will have sway over financial services, mortgages and housing.

Warren, a former Harvard law professor, faced stiff opposition from Republicans in Congress and was never formally nominated for the post. Obama's second choice, Ohio Attorney General Richard Cordray, got the job during a recess appointment.

As she entered elective politics, Warren became something of rock star in the Democratic Party. A video of her rebutting the idea that taxing the wealthy is "class warfare" went viral on YouTube. Warren also earned a coveted speaking role at the Democratic National Convention in Charlotte this summer.


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