The Democratic Steering Committee has approved the assignment of Senator-elect Elizabeth Warren, one of the most vocal critics of the financial services sector, to the Senate Banking Committee. Warren previously led a congressional oversight panel that criticized the government's so-called "bank bailout" in the wake of the financial crisis. Warren was the driving force behind the creation of the new Consumer Financial Protection Bureau, an agency created by the Dodd-Frank financial system overhaul. Her potential appointment to head the Bureau, however, drew strong objections from Senate Republicans. When the appointment went to former Ohio attorney general Richard Cordray, Warren instead successfully challenged incumbent Senator Scott Brown's reelection.
Warren has been a vocal critic of Wall Street financial firms and large banks, and is expected to oppose any efforts to dilute or weaken the reforms and restrictions contained in the Dodd-Frank financial system legislation enacted in the wake of the financial crisis. She will also have a platform to forcefully influence financial regulators' interpretation and enforcement of rules and regulations applied to financial services firms.
"America's middle-class has been squeezed hard, and there's a lot we can do to level the playing field for families," Warren said in a statement issued Wednesday.
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