Elizabeth Warren Could Tackle Wall Street Through Senate Banking Seat
Newly elected Massachusetts Senator Elizabeth Warren, whose career and recent campaign incorporated a vigorous critique of Wall Street misdeeds and power in Washington, stands a good chance of securing a seat on the Senate Banking Committee, according to Senior Senate Democratic aides who spoke anonymously to Reuters.
Warren, who is credited as the prime architect of the Consumer Financial Protection Bureau and chief watchdog of TARP, the $700 billion taxpayer bailout of the U.S. financial system, has called for breaking up the big banks and could move to block legislative attempts to weaken the 2010 Dodd-Frank financial oversight law, Reuters reports.
The Senate Banking Committee serves to influence policy decisions through oversight of financial services, international trade, insurance, housing, securities and economic issues.
With a seat on the committee, Warren would have to power to push for tougher regulations on Wall Street trading and rules that would compel mega-banks to shrink.
Warren's nomination is still speculation, and wouldn't occur before the new year; however, one of Reuters' sources, the anonymous aid, stated:
"If Senator-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Newly elected Massachusetts Senator Elizabeth Warren, whose career and recent campaign incorporated a vigorous critique of Wall Street misdeeds and power in Washington, stands a good chance of securing a seat on the Senate Banking Committee, according to Senior Senate Democratic aides who spoke anonymously to Reuters.
Warren, who is credited as the prime architect of the Consumer Financial Protection Bureau and chief watchdog of TARP, the $700 billion taxpayer bailout of the U.S. financial system, has called for breaking up the big banks and could move to block legislative attempts to weaken the 2010 Dodd-Frank financial oversight law, Reuters reports.
The Senate Banking Committee serves to influence policy decisions through oversight of financial services, international trade, insurance, housing, securities and economic issues.
With a seat on the committee, Warren would have to power to push for tougher regulations on Wall Street trading and rules that would compel mega-banks to shrink.
Warren's nomination is still speculation, and wouldn't occur before the new year; however, one of Reuters' sources, the anonymous aid, stated:
"If Senator-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot."
Newly elected Massachusetts Senator Elizabeth Warren, whose career and recent campaign incorporated a vigorous critique of Wall Street misdeeds and power in Washington, stands a good chance of securing a seat on the Senate Banking Committee, according to Senior Senate Democratic aides who spoke anonymously to Reuters.
Warren, who is credited as the prime architect of the Consumer Financial Protection Bureau and chief watchdog of TARP, the $700 billion taxpayer bailout of the U.S. financial system, has called for breaking up the big banks and could move to block legislative attempts to weaken the 2010 Dodd-Frank financial oversight law, Reuters reports.
The Senate Banking Committee serves to influence policy decisions through oversight of financial services, international trade, insurance, housing, securities and economic issues.
With a seat on the committee, Warren would have to power to push for tougher regulations on Wall Street trading and rules that would compel mega-banks to shrink.
Warren's nomination is still speculation, and wouldn't occur before the new year; however, one of Reuters' sources, the anonymous aid, stated:
"If Senator-elect Warren indicates she'd like to serve on the banking committee, given her prominent work on those issues, she would certainly have a very good shot."