Big Banks vs. Elizabeth Warren: It's On (Again!)
The fight between the financial industry and Senator-elect Elizabeth Warren heats up again over her possible nomination to the Senate Banking Committee.
Lobbyists and trade groups for Wall Street and other major banking players are pressuring lawmakers to deny Warren a seat on the powerful Senate banking committee. With the impending departures of Sens. Herb Kohl (D-Wis.) and Daniel Akaka (D-Hawaii), Democrats have two spots to fill on the committee before the 113th Congress gavels in next year. Warren has not yet said whether she wants to serve on the committee. But she would be a natural: She's a bankruptcy law expert, she served as Congress' lead watchdog overseeing the $700 billion bank bailout from 2008 to 2010, and she conceived of and helped launch the Consumer Financial Protection Bureau (CFPB).
But the big banks are not fans of Warren, and their representatives in Washington have her in their crosshairs. Aides to two senators on the banking committee tell Mother Jones the industry has already moved to block Warren from joining the committee, which is charged with drafting legislation regulating much of the financial industry. "Downtown"—shorthand for Washington's lobbying corridor—"has been going nuts" to keep her off the committee, another Senate aide says.
She hasn't even taken office yet, and the bankers are shaking in their boots. The fact that she's already getting flak and hasn't passed a law yet only seems to verify that Warren is for real, and won't take shit from those pricks. This is going to be fun to watch.
Wall Street tries to cut Elizabeth Warren off at the knees
“I can’t stop thinking about Elizabeth Warren’s speech,” New York Senator Kristen Gillibrand wrote in an e-mail to supporters the next day. “You could hear it in her voice and see it in her eyes: Elizabeth will never give up on the middle class. She’ll be relentless in making sure everyone gets a fair shot.”
That kind of contagion scares some senior Wall Street types, who fear that with a seat on the banking committee and her media-darling status, Warren's views could spread to other senators in short order.
Consumer Financial Protection Bureau.
what an accomplishment
Well, when Republicans cuts its funding to virtually nothing, what do you expect?
Originally Posted by zhukov
After Spending $9 Million To Defeat Her, Wall Street Watches Sen-Elect Warren Join Banking Committee
Republicans must be wishing they had not blocked her from being the head of Consumer Financial Protection Bureau. She ended up running for Senate as a consequence.
This really came back to bite them in the ass... Kind of like virtually all of their policy decisions over the last couple of decades. When you focus solely on short-term results you risk any sort of long-term advantage.