Nightmare on Wall Street: Warren gains Banking Committee seat


Two years ago, Wall Street chased Elizabeth Warren off the Consumer Financial Protect Bureau that she’d proposed in the wake of the 2008 financial crisis.

Her Wall Street haters then followed her into the hotly contested Massachusetts Senate race, pouring money into her opponent’s coffers in hopes of keeping her out of office.

Now, in spite of her opponents’ efforts, Warren will take a seat on the Banking Committee where she will oversee the implementation of Dodd-Frank and other banking regulations, the Huffington Post reported, according to four sources.

Sens. Herb Kohl, D-Wis., and Daniel Akaka, D-Hawaii, will leave the committee at the end of this year, so Democrats have two committee spots to fill before the next Congress begins. Wall Street reportedly pushed hard to keep Warren off the committee.

Requests for comment to Warren, Sen. Harry Reid, and Sen. Jack Reed, a banking committee member who pushed for Warren’s appointment, were not immediately returned.

But Wall Street’s top lobbying group for now is playing nice over the news—as well as seeing the funny side.

“We look forward to working with her—hahaha, I had to start that way,” Scott Talbott, the chief lobbyist for the Financial Services Roundtable, told

“I think that the concerns about her are exaggerated. Going forward, there are a lot of areas where she and the industry agree,” Talbott said, noting that his group supports “the concept of consumer protection.”

“She will be a sitting U.S. senator, on the committee of relevant jurisdiction,” Talbott added. “So she will be a relevant player.”