It looks like the finance industry will now have to answer to consumer advocate Elizabeth Warren after years of trying to keep her out of positions of power.
Multiple news outlets are reporting today that Senator-elect Warren, D-Mass., has been tapped by Democratic party leaders to join the powerful banking committee, which oversees banking regulations, when she enters Congress next month.
Warren campaigned as a champion of the middle class who would keep big banks in line. Wall Street spent heavily to try and help incumbent Scott Brown defeat her in the most expensive Senate race of the campaign, the Huffington Post said.
Since then, rumors have swirled that lobbyists would try to keep Warren off the key banking committee. But banking industry officials told Politico there were no such efforts.
With her new position of power, the tables will be turned for Wall Street. Two years ago, Warren, a Harvard law professor and bankruptcy expert, helped create the Consumer Financial Protection Bureau. Her pursuit of strong regulations on the finance industry did not win her fans on the right. The Republican opposition in the Senate kept her from becoming the bureau's director.Via Huffington Post, Politico