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Mon Nov 19, 2012, 10:45 AM

Big Banks vs. Elizabeth Warren: It's On (Again!)

Not even two weeks have passed since Democrat Elizabeth Warren rode a wave of grassroots support to victory in the US Senate race in Massachusetts, ousting Republican incumbent Scott Brown. Senator-elect Warren has not yet hired her staff. She has not yet moved into her Senate office. But the banking industry is already taking aim at her, scurrying to curb her future clout on Capitol Hill.

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-Wisc.) and Daniel Akaka (D-Hawaii), Democrats have two spots to fill on the committee before the 113th Congress gavels in next year. Warren has 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.

Sen. Jack Reed (D-R.I.), a banking committee member, has been angling to get Warren on the committee, "but there are many bank lobbyists pushing to keep her off," a top Democratic Senate aide told Politico's Morning Money tipsheet. But the aide added, "If she really wants banking, it will be very tough politically to keep her off."

http://www.motherjones.com/politics/2012/11/elizabeth-warren-senate-banking-committee?

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Reply Big Banks vs. Elizabeth Warren: It's On (Again!) (Original post)
SecularMotion Nov 2012 OP
DreamGypsy Nov 2012 #1
Indykatie Nov 2012 #2
julian09 Nov 2012 #3
Myrina Nov 2012 #4
DirkGently Nov 2012 #5
Rider3 Nov 2012 #6

Response to SecularMotion (Original post)

Mon Nov 19, 2012, 11:03 AM

1. We are banking on Elizabeth Warren

"bank on
vb
(intr, preposition) to expect or rely with confidence on, eg. you can bank on her always protecting the consumer"

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Response to SecularMotion (Original post)

Mon Nov 19, 2012, 11:38 AM

2. Dems Will Face Especially If They Opt for Angus King Over Warren for This Assignment

I read that he also is angling for a seat on the banking committee. The outcome will show us how serious they are about taking on the banking industry.

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Response to SecularMotion (Original post)

Mon Nov 19, 2012, 12:27 PM

3. All the more reason to appoint her.

 

Lawmakers opposing her should be seen as tools of banking industry and noted as such to their constituents.

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Response to julian09 (Reply #3)

Mon Nov 19, 2012, 03:37 PM

4. Indeed.

Brilliant (notsomuch) move on their part to telegraph who they're most afraid of.

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Response to SecularMotion (Original post)

Mon Nov 19, 2012, 06:34 PM

5. I can smell their cold sweat from here.

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Response to SecularMotion (Original post)

Wed Nov 21, 2012, 03:11 PM

6. She's EARNED the seat.

Give it to her.

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