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With Elizabeth Warren on the Banking Committee, Will Wall Street Finally Pay Up?

With Elizabeth Warren on the Banking Committee, Will Wall Street Finally Pay Up?

Call it karma, maybe, but Wall Street just can’t shake Elizabeth Warren. The consumer-advocate turned Senator-elect Warren has reportedly won a spot on the Senate Banking Committee, a perfect spot for a woman whose critique of Wall Street started well before her run for Senate.

Wall Street has to see this has terrible news. Big Finance spent close to $9 million dollars trying to prevent her election win, and that was before they spent the two years prior to Warren’s Senate run blocking attempts to name her the head of the Consumer Financial Protection Bureau, the government agency Warren helped create.

On the Senate Banking Committee Warren will now have a key role in writing banking legislation, including standing up to attempts by Republicans to further gut the Dodd-Frank Act and to limit Wall Street liability for foreclosure and lending fraud. Warren has also called for a return to Glass-Steagall, a Depression-era law that prevented commercial banks from also operating as investment banks. Many of the bad investments made by Wall Street were possible only because Glass-Steagall had been repealed.

Decisions on committee assignments won’t be formally decided until early next year after the entire Senate Democratic caucus votes on those assignments. Senate Majority Leader Harry Reid (D. NV) makes recommendations to the caucus, who then vote on his choices. It is unlikely that rank-and-file lawmakers would vote against a recommendation like Warren for the Banking Committee.

Should Warren find a seat on the Senate Banking Committee, the reality of the 2012 election should start to sink in for the right even more. This is not the Senate of just a few months ago, and they are certainly no longer dealing with Warren’s predecessor Sen. Scott Brown (R), a Wall Street lapdog only in favor of regulations designed to prop up the Old Boys Club. And that’s a fact that makes Warren’s victory and likely appointment all the sweeter.

In so many ways women like Warren are the real leaders in the fight against Wall Street corruption. Her first book, “The Two Income Trap,” chronicled the decline of the middle class at the expense of the hedge fund class before such topics were fashionable in the press. During the height of our irrational exuberance Warren doggedly warned of Wall Street smoke-and-mirrors that would come crashing down and bury generations of Americans with bad debt and no way to clear themselves out from under it.

It’s good to think a leader like Elizabeth Warren is really just getting started.

Thank you to all of the Care2 members who signed the petition to put Warren on the Banking Committee!

 

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Photo of Nancy Pelosi (left) and Elizabeth Warren from Leader Nancy Pelosi via flickr.

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81 comments

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10:30PM PST on Feb 24, 2013

I , and just about all of us, certainly hope she's able to bring about some change and has plently of backing to do so.

4:19PM PST on Feb 1, 2013

NOT LIKELY.

1:01PM PST on Dec 19, 2012

CORRECTING WHAT PREVIOUS POST LEFT OUT.

Patti A.,

I wish my new account was NOT so new that I have NOT enough butterfly points to give your posts, today GREEN STARS.

With that being said I would like educate you on one thing, it is not just Republicans Vs Democrats, it is Right And Moderates (Includes all Capitalist- ex. 'The Compromising Capitalist' President Obama) Vs US-Truly Left.

1:00PM PST on Dec 19, 2012

Patti A.,

I wish my new account was NOT so new that I have NOT enough butterfly points to give your posts, today.

With that being said I would like educate you on one thing, it is not just Republicans Vs Democrats, it is Right And Moderates (Includes all Capitalist- ex. 'The Compromising Capitalist' President Obama) Vs US-Truly Left.

8:11AM PST on Dec 19, 2012

Lynn ...it is not about making the banks pay up. It is about changing the rules by which they operate and continue to rape Americans and the rest of the world. Aren't you tired of them getting annual bonuses that are equal to what we would LIKE to make and will never make if we live to be 100? Being helicoptered into work because it is just too stressful for them to drive like the rest of us! Building their 5 or 6th homes...MANSIONS and getting mortgage tax credit and we can't even get loan for a bungalow. She will change the rules and they will spend billions to buy the votes of others on the committee to stop her. I am tired of being their piggy bank. Lloyd Blankfine should be in JAIL!!!!!

6:13AM PST on Dec 17, 2012

Good try but she won't make Wall Street pay up!

7:50PM PST on Dec 16, 2012

At least she is one of a growing number heading in the right direction.

7:20AM PST on Dec 16, 2012

continued
I have been a registered independent since idiot Reagan took office who raised taxes 11 times when he was president. I live in CA and know first hand the path he put us on with his little Nancy by his side. First time we have had a president with a wife who was a 5'o'clock girl (call girl) when she was under contract to the studio...but I digress We need to step outside of the box and rise up and say we are mad as hell and we are not going to take it any more. Tie congressional pay to what they produce for the NATION and not for their individual states. It is public service and not a millionaire factory. You will never see these people in a soup line or their families doing without. 60% of them are pigs at the trough and make sure they or their children ever have to worry about where their next meal is coming from and never take their turn in the military. Even if they served in the Coast Guard or Navy it would be another way to serve the country they like to say they love. Right now it is just a way to line their pockets at our expense. Ms Warren is not going to have an easy time but I hope she is VERY successful in putting the brakes on WALL ST. Greed is NOT good!!!!

7:09AM PST on Dec 16, 2012

Keep in mind there are still a lot of things republi-cons can do to thwart her. I blame the mess we are in on those that deemed their one vote not important enough to make a difference...the ones that don't vote are always the ones that make the most noise. Not voting no matter the result only empowers the wrong side. Where we need to look is at Congress itself. Check out what kind of budget they have. Their budget for 2010 was over 4 TRILLION...
why aren't they asked to sacrifice? (350,000 for bottled water alone) Why do we pay 80% of their health care and they only pay 20%...shouldn't it be the other way around since they make at least $174,000 a year PLUS PERKS for "working" 75-125 days a year using a 3 day work week? It is criminal that they spend so little time taking care of us as they were elected to do. Wall St continues to sock it to us and we allow it. If they closed tomorrow it will not stop manufacturing from producing.product for us to buy. But the leader of the free world only makes 400,000 a year and is ON CALL 24/7...that is why they all get so grey so fast..except W. When they win a second term they don't even get 50,000 as a raise for winning. When you get an extension in your contract ,you get a raise, why not the president? Yet Congress gets their annual COLA regardless and republi-cons especially throw us under the bus every chance they get. I have been a registered independent since idiot Reagan took office who raised taxes 11 times when he was pre

1:44AM PST on Dec 13, 2012

hmm...

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