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Elizabeth Warren lands seat on Senate Banking Committee

December 13, 2012|By David Lazarus
  • It's official: Sen.-elect Elizabeth Warren has been tapped to serve on the Senate Banking Committee.
It's official: Sen.-elect Elizabeth Warren has been tapped to serve… (Wikimedia / Twp )

Talk about karma.

After lobbying ferociously to prevent Elizabeth Warren from running the new Consumer Financial Protection Bureau, the banking industry now must contend with her sitting on the Senate Banking Committee.

Rumors have circulated for weeks the Massachusetts senator-elect would be tapped for the gig overseeing the industry she so completely cheesed off with accusations of fraud and unfair play. Now it's official.

You can almost hear the muttering among bankers about the tough-love they're going to face.

Last year, Warren said there had been "little action when it comes to holding large financial institutions accountable for breaking the law."

"It is past time that we stop talking about accountability and start demanding it from those who broke the system," she said.

Consumers can expect Warren to keep close watch on credit cards, mortgages and other financial products. She'll also likely seek stronger regulation of the industry if/when questionable practices arise.

Perhaps most important, the Senate committee seat gives Warren an even more influential bully pulpit than if she had ended up as director of the consumer watchdog bureau. Now she's in a position to enact legislation.

Should be fun to watch.

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