Sen-elect Elizabeth Warren scores Senate Banking Committee seat: Suck it, Wall Street!

Think Progress: “Sen-elect Elizabeth Warren, a dogged consumer advocate whose critique of Wall Street excess was a centerpiece of her campaign, will join the Senate Banking Committee. Wall Street spent boatloads of money to prevent Warren’s election, but now, as the Center for Responsive Politics noted, she will have oversight of the rules and regulations under which banks operate:

The securities and investments industry contributed just $245,000 to Warren and spent $3 million supporting her opponent Scott Brown,according to OpenSecrets data from mid-October. The industry was Brown’s top supporter.

The Financial/Insurance/Real Estate sector followed suit and contributed $6 million to Brown and a puny half-a-million to Warren…

“Several Senate candidates supported by Wall Street wound up losing. As a member of the Banking Committee, Warren will have the opportunity to stand against both the watering down of the Dodd-Frank financial reform law and new misguided efforts to reduce limits on Wall Street.”

In Elizabeth Warren’s own words – NYTimes.com:

“Wall Street C.E.O.’s — the same ones who wrecked our economy and destroyed millions of jobs — still strut around Congress, no shame, demanding favors, and acting like we should thank them,” she said in her speech at the Democratic National Convention in September.

“The people on Wall Street broke this country, and they did it one lousy mortgage at a time. It happened more than three years ago, and there has been no real accountability, and there has been no real effort to fix it,” she said in a debate last year.

It’s so great to realize that money can’t buy every American election.

Related:

Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee.

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