Warren named to Senate banking panel
The newly elected US Senator has pushed for more banking regulation for years. She gets new power with this seat.
It was rumored for a while now that the newly minted U.S. Senator would get the committee seat she so coveted. But Wednesday, the announcement is official. And one of the worst fears of the banking industry has been realized.
Warren has been gunning for more banking regulation for years. She pushed for a huge settlement from big banks as they were being investigated for improper foreclosure practices, The Washington Post reports. Greg Sargent calls her "the intellectual godmother of Occupy Wall Street." Her work was so notable that she was asked to help create the Consumer Financial Protection Bureau.
But her efforts with that bureau came at a cost. Congressional Republicans and the banking industry were incensed at the possibility that Warren might lead that bureau, beginning a crusade against her that ended when President Obama declined to name Warren to lead the unit.
Then Warren decided to run for the Senate, and the banks responded by pouring money into the campaign coffers of her opponent, Republican Scott Brown. Warren came away with a stunning victory.
Now, Warren has much more power than she would have had at the bureau. "Boom goes the dynamite," writes one Twitter user. "Elizabeth Warren will want to regulate banks to the point where they can't make a profit and can't offer services to clients," lamented another.
Hedge-fund manager Mike Bergen said on Twitter that the Financial Select Sector SPDR (XLF) was not liking this news. And that fund did seem to start dropping at about 1 p.m. ET, but it was still up less than 1% for the day. "Let the fireworks ensue," said another Twitter user.
What kind of committee member will Warren be? She certainly has pressure from her supporters to go in with a gun-toting, adversarial bent, the likes of which haven't been seen on that committee in years. But she will have to also be effective, which involves a more nuanced approach at times.
More from Money Now
- Fed promises low rates until job picture improves
- What do right-to-work laws actually do?
- The fiscal cliff is the biggest Grinch of all
Life is great!
Chris Van Hollen & Elizabeth Warren in 2016 & 2020!
God bless Mom & Pop stores!
God bless unions and living wages!
DIE big and unregulated corporations and DIE Ayn Rand Capitalism, DIE!
God bless America!
Maybe someone will finally be able to clean up the slime on Wall Street now.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
The company tries to tamp down criticism from activists who argue that the mascot promotes childhood obesity.
- Oklahoma senators change tune on disaster relief
- At software giant SAP, autism is an asset
- Mike Bloomberg's next career: Taxi magnate?
- Shotgun wedding for Saks and Neiman Marcus?
- Charles Ramsey gets burgers for life, but no Big Macs
- New Jersey bar sting turns up 'swill'
- Mike's Hard Lemonade goes after male drinkers
- Big job gains expected next year, economists say
- Yum aims to fatten up by doubling Taco Bell sales
[BRIEFING.COM] The major averages ended modestly lower with the S&P 500 shedding 0.3%.
The benchmark average saw an opening loss of 1.2% after Japan's Nikkei tumbled 7.3%. Japanese stocks sold off amid continued volatility in Japanese Government Bond futures as the 10-yr yield spiked almost 16 basis points to 1.002 before the Bank of Japan's JPY2 trillion liquidity injection caused yields to retrace their gains.
Adding insult to injury was news out of China where the HSBC ... More
More Market News
In the never-ending contest for sales, American carmakers are pulling ahead.