Former CFPB Leader Warren Eyed for Senate Banking Seat

December 5th, 2012 | by Elizabeth Ecker Published in News, Reverse Mortgage | 2 Comments

The Senator-elect credited with establishing the year-old Consumer Financial Protection Bureau soon see a seat on the Senate Banking Committee, according to a report from Bloomberg News.

Massachusetts Senator Elizabeth Warren, who formerly held a special advisory role to President Obama and led the CFPB from its inception, is poised for an open seat on the banking committee, unnamed sources told Bloomberg this week.

“Two Democratic aides briefed on the matter said Senate leaders intend to assign Warren to the Banking Committee, although a final decision on committee assignments won’t be made until the new session of Congress convenes,” Bloomberg writes. “The aides asked not to be named because assignments aren’t yet official.”

Warren is known for her work as a Democratic leader and Harvard Law professor. She advocated for the work of the CFPB before its Director, Richard Cordray, was appointed in early 2012.

Republicans opposed the CFPB’s leadership and nods for Warren to take the chief seat before she returned to Massachusetts for her Senatorial race.

Written by Elizabeth Ecker

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The_Cynic

I am opposed to the positions of Ms. Warren on banking but she won her election and deserves a seat at the table. BUT should she head up the committee? Her heading up that committee will cloud the perception of the fairness and strength of oversight when it comes to the CFPB.

There is no question a Democrat should chair the committee but Ms. Warren has not earned the seniority which should be a chief consideration of who should chair that committee.
frank kautz

Not to be cynical, but since when has anything but politics dictated who gets to head what committee in the House or Senate? Heck, why even worry about fairness or oversight? This is just one more step in “it is what it is” and we get to live with it.

(Not mind you that I am at all bitter about Ms. Warren “winning” that election. If it wasn’t a Presidential year, it never would have happened.)

Frank J. Kautz, IIStaff Attorney
Community Service Network, Inc.52 BroadwayStoneham, MA 02180(781) 438-1977(781) 438-6037 faxFrankKautz@csninc.org –workFrank@Kautzlaw.com –private