Elizabeth Warren May Have Landed Just Where Big Banks Don't Want Her
It looks like incoming Senator Elizabeth Warren has gotten exactly where she wants to be and exactly where big banks don't want her to be. HuffPost is saying they're hearing she's landed a seat on the Senate Banking Committee.
Here's part of why banks aren't big Warren fans, via Mother Jones—she's been giving them hell for a long time:
The big banks' opposition to Warren, a fierce consumer advocate, is no shocker. She supported the Dodd-Frank financial reform law, and she blasted Brown, who did vote for Dodd-Frank, for launching a "guerrilla war" to undermine its implementation. She backs the Volcker Rule, a limit on how much banks can trade with their own money. What may trouble the big banks most is Warren's call for revisiting the Glass-Steagall Act, which separated riskier investment banks from more staid commercial banks. Reinstating Glass-Steagall would mean breaking up sprawling Wall Street institutions such as JPMorgan Chase, Citigroup, and Bank of America.
And, via New York Magazine—she knows better than most what she's talking about:
What scares Wall Street most is that, unlike many industry detractors, Warren can stand toe-to-toe with industry lobbyists on the nuances of regulation and the nature of complex financial products. She is also skilled at boiling esoteric points about Wall Street's excesses down to a pure, potent narrative of intentional malpractice. In her speech at the Democratic National Convention, Warren took on banks using the kind of brusque language you don't hear all that often on Capitol Hill.
After a really nasty fight to get into the Senate, Warren has been relatively quiet. That may be a sign that she's getting down to business right away and doing what should scare her opponents most: learning how to navigate the Senate.