Elizabeth Warren will get Banking Committee nomination


Elizabeth Warren, chairman of the TARP Congressional Oversight Panel, testifies at a hearing on Capitol Hill, on July 22, 2009 in Washington, DC.


Brendan Hoffman

It's not official, but it looks like Wall Street critic and consumer watchdog Elizabeth Warren will become the Senate Banking Committee's newest member in January.

The Huffington Post broke the story:

"...the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. It's a victory for progressives who battled to win her a seat on the panel that oversees the implementation of Dodd-Frank and other banking regulations."

Bloomberg News cited anonymous sources to the same effect:

"Two Democratic aides briefed on the matter said Senate leaders intend to assign Warren to the Banking Committee, although a final decision on committee assignments will not be made until the new session of Congress convenes."

The Boston Herald cited an anonymous source, too:

"Sen.-elect Elizabeth Warren is expected to receive a coveted assignment to the Senate Banking Committee in a major coup for her liberal backers and a blow to the financial industry which had opposed her election, according to a source.

"'It’s happening,' said a Democratic source."

Two years ago Republicans and Wall Street lobbyists blocked Warren's nomination as the permanent director of the Consumer Financial Protection Agency - the agency she created - on grounds that she was bad for business. The Harvard law professor then ran for the US Senate and defeated incumbent Republican Senator Scott Brown on Nov. 6 to become Massachusetts' first female senator. And now she's reported to soon join the Banking Committee, which presides over the very thing Republican's didn't want her to preside over - banks.

It wasn't a straight line, but Warren got there all the same.