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Elizabeth Warren to join Senate Banking Committee

Elizabeth Warren

Elizabeth Warren, the Harvard University professor and senator-elect who is credited with the creation of the Consumer Financial Protection Bureau, is set to join the Senate Banking Committee after taking the oath of office in 2013.

Several individuals briefed on the matter said that Senate leaders intend to assign Warren to the committee, though a final decision on committee assignments is unlikely to be made until the new congressional convention, Bloomberg reports.

Warren defeated incumbent Republican Scott Brown with to become the first female senator from Massachusetts to gain the seat held by Democrat Edward Kennedy for 47 years.

After President Obama decided against nominating Warren as director of the CFPB, a key provision of the controversial Dodd-Frank Act, Warren decided to run for Senate. She helped the president build the agency as an adviser to the administration, according to Bloomberg.

Wall Street and the financial services industry opposed the creation of the CFPB and coordinated to block Warren’s nomination as director. The CFPB remains a contentious issue, and Republicans have called for the replacement of agency Director Richard Cordray with a five-member panel to lead the agency.

“We certainly plan to reach out to Senator-Elect Warren,” James Ballentine, executive vice president of congressional relations and political affairs at the American Bankers Association, said, Bloomberg reports. “That outreach will stretch beyond Dodd-Frank reforms, which is the corner many will try to paint her into.”