It’s official: “Wall Street’s worst nightmare” is now among the few with some kind of power over it.

Not much of a surprise at this point, but Massachusetts Senator-elect and former Republican Elizabeth Warren was formally nominated for a seat on the Senate Banking Committee. That appointment still requires a vote of the Democratic caucus, but it’s all but a foregone conclusion that the woman who calls herself the intellectual godmother of the Occupy Wall Street movement and who has pushed for tougher rules for banks will now be among those writing the rules. At the very least, she has won a hell of a bully pulpit.

This is going to give Warren a choice perch from which to continue to press the crusade for Wall Street oversight and accountability. And it continues a battle between her and Wall Street that stretches back literally years. Warren, a consumer advocate and expert in bankruptcy law, angered Wall Street when she pressed state attorneys general to demand a huge settlement from major banks and financial institutions they were investigating for improper foreclosure procedures. Warren was also the inspiration behind the Consumer Financial Protection Bureau, which produced one of the ironies of her career.

The obvious choice to lead that agency, Wall Street pulled out all the stops to keep her from getting the nod, and President Barack Obama capitulated.

Tactically-speaking, it was perhaps not the best decision the banks ever made, as it left Warren with little else to do but teach law to Harvard students. So she decided to run for Ted Kennedy’s old Senate seat and now probably has it, and a spot on the Banking Committee, for the rest of her life. And worse still, the 47%-plus seem to agree with her.

Oh yea, and some other senators got some committee assignments, too.

Warren Is Nominated for Senate Banking Committee [DealBook]
Warren appointed to Senate Banking Committee [Bloomberg]
Sen.-elect Warren to serve on influential Banking Committee [The Hill]
It’s on: Elizabeth Warren versus Wall Street [WaPo Plum Line blog]
Poll finds support for Elizabeth Warren’s “balanced approach” [Salon]
Good to be King: Rookie gets sweet panel seats [Politico]

18 comments (hidden to protect delicate sensibilities)
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Comments (18)

  1. Posted by Guest | December 13, 2012 at 1:24 PM

    This should be interesting.

    – Washingtonian who's seen more than a few politicians come in as "reformers" and leave as well-paid lobbyists

  2. Posted by SellingLow | December 13, 2012 at 1:38 PM

    "the intellectual godmother of the Occupy Wall Street movement"

    That has to be the first time "intellectual" and "Occupy Wall Street movement" have been used in the same sentence without any trace of sarcasm.

  3. Posted by Guest 26 | December 13, 2012 at 1:47 PM

    Shitting on cop cars and banging hippie drums will now be a precondition for receiving an annual bonus.

  4. Posted by guest | December 13, 2012 at 1:52 PM

    who the F is Jon Shazar ??

  5. Posted by M. Waters | December 13, 2012 at 1:59 PM

    Together, she and I will work tirelessly to make sure there is no revolving door between Goldman Sachs and the US Treasury. This backroom dealing from CEO to CEO must stop!

  6. Posted by Dubs | December 13, 2012 at 2:07 PM

    If you rearrange the letters, Jon Shazar spells Charles Gasparino.

  7. Posted by Guest | December 13, 2012 at 2:30 PM

    Some say that his breath smells of magnesium, and that he's scared of bells…

  8. Posted by Stephan | December 13, 2012 at 2:44 PM

    Honestly, who are you Jon?

  9. Posted by Jon S. | December 13, 2012 at 3:24 PM

    The details of my life are quite inconsequential… very well, where do I begin? My father was a relentlessly self-improving boulangerie owner from Belgium with low grade narcolepsy and a penchant for buggery. My mother was a fifteen year old French prostitute named Chloe with webbed feet. My father would womanize, he would drink. He would make outrageous claims like he invented the question mark. Sometimes he would accuse chestnuts of being lazy. The sort of general malaise that only the genius possess and the insane lament. My childhood was typical. Summers in Rangoon, luge lessons. In the spring we'd make meat helmets. When I was insolent I was placed in a burlap bag and beaten with reeds- pretty standard really. At the age of twelve I received my first scribe. At the age of fourteen a Zoroastrian named Vilma ritualistically shaved my testicles. There really is nothing like a shorn scrotum… it's breathtaking- I highly suggest you try it.

  10. Posted by Little Fritz | December 13, 2012 at 3:37 PM

    Did you do 6 years in Evil Med School too? Knew a guy like that once, ended up in Space.

  11. Posted by Guest | December 13, 2012 at 3:54 PM

    It doesn't matter who we are… what matters is our plan.

    Jon and/or Elizabeth

  12. Posted by GSreject | December 13, 2012 at 5:42 PM

    Bravo

  13. Posted by guest | December 13, 2012 at 6:07 PM

    this thing has a permanent burrito between its legs

  14. Posted by WTF__k | December 13, 2012 at 6:26 PM

    My only regret is that I have but one thumbs-up to give.

  15. Posted by dandraka | December 14, 2012 at 3:42 AM

    Jon, your 47% link is wrong.

  16. Posted by Guest | December 14, 2012 at 11:19 AM

    highly recommend

    strongly suggest

  17. Posted by Pauline | December 26, 2012 at 1:38 PM

    You Predatory Servicrs better watch out, better not pout, better not cry because Mrs. Warren will be on you like white on rice. You stole from the consumers in huge amounts, but I hope you enjoyed your run because its over now.

  18. Posted by Insomnia Treatment | November 22, 2013 at 11:16 AM

    This made my day!