Elizabeth Warren, Director of the Consumer Financial Protection Bureau, Doesn’t Sound So Bad Anymore, Does It?

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]

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18 Responses to “Elizabeth Warren, Director of the Consumer Financial Protection Bureau, Doesn’t Sound So Bad Anymore, Does It?”

  1. Guest says:

    This should be interesting.

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

  2. SellingLow says:

    "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. Guest 26 says:

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

  4. guest says:

    who the F is Jon Shazar ??

  5. M. Waters says:

    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. Stephan says:

    Honestly, who are you Jon?

    • Jon S. says:

      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.

    • Guest says:

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

      Jon and/or Elizabeth

  7. Little Fritz says:

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

  8. guest says:

    this thing has a permanent burrito between its legs

  9. dandraka says:

    Jon, your 47% link is wrong.

  10. Pauline says:

    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.