There’s a debate brewing about whether Democrats will put newly elected Massachusetts U.S. Sen.-elect Elizabeth Warren on the Senate Banking Committee. The argument in favor: Warren knows a lot about the finance industry. The argument against: the finance industry despises her.
Now the Banking Committee’s No. 2 Democrat – and its likely future chairman – Jack Reed is weighing in “strongly” as a proponent of having Warren join the panel, George Zornick reports for The Nation:
“I can’t think of anybody that’s come to the Senate with thirty years of detailed knowledge of the industry from the perspective of teaching at law school and doing many other things, and then serving in the drafting of significant aspects of Dodd-Frank from the administration standpoint. So she comes prepared,” he said. “It’s really an abundance of intellectual riches.”
Reed said this suggested Warren would not be susceptible to strong lobbying efforts from the financial services industry. “In some respects it’s better to be dealing with someone who is knowledgeable than someone who does not have that kind of depth of knowledge, and might be swayed not by the facts and substance but simply by the last person to see them,” he said.
For now Reed is still the No. 2 on Banking, as South Dakota U.S. Sen. Tim Johnson retains the chairmanship. Reed says they’ll probably tackle Fannie and Freddie, Dodd-Frank, the Volcker Rule, clearinghouses, derivatives and the Financial Services Oversight Council next year.