Republicans are probably wishing they let Elizabeth Warren run the Consumer Financial Protection Bureau. Warren, now senator-elect of Massachusetts has been picked as a member of the Senate Banking Committee according to several sources, with powerful rule-making and oversight capabilities. The selection of Warren to the Banking Committee shows Democratic Majority Leader Harry Reid responding to the progressive wing of his party, which had pined for Warren’s inclusion on the Banking Committee.
Elizabeth Warren is a true consumer advocate, someone who has risen through politics for her uncompromising attempts to make rules and regulations around bankruptcy, banking and credit cards more consumer-friendly. According to opensecrets.org, Warren raised just over half a million dollars from finance, insurance and real estate donors, less than 10% of the over $6 million raised from these industries by her opponent, Scott Brown. Unlike many in the senate, she doesn’t really owe the banking industry anything, and she comes in emboldened and ready to make waves in her new role.