by Steven T. Dennis
Senator Elizabeth Warren of Massachusetts is set to become the top Democrat on the Banking Committee, a prominent position for a top critic of Federal Reserve Chair Jerome Powell, America’s biggest banks and the crypto industry.
“In the aftermath of the 2024 election, it’s powerfully important for Democratic leadership to show that we can make life more affordable for working people and to act with urgency to rebuild our middle class,” Warren said in a statement.
“This new role means a better chance to advance solutions like building more housing to lower prices and protecting consumers from private equity greed and special interest scams,” she added.
Warren, who just won reelection, will succeed Senator Sherrod Brown of Ohio as the panel’s top Democrat after he was defeated last week by Republican Bernie Moreno.
The panel’s top Republican, Tim Scott of South Carolina, is in line to get the Banking Committee’s gavel. He’s also launched a bid to chair the party’s campaign committee.
The Banking Committee has an important role in oversight of financial regulators, with President-elect Donald Trump likely to name nominees far more friendly to the banking and crypto industries than President Joe Biden.
Warren has also courted Republican senators on bipartisan legislation, including collaborating with Vice President-elect JD Vance on a bill to claw back the compensation of back executives whose institutions fail in the wake of the collapse of Silicon Valley Bank.
Copyright Bloomberg News
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