There’s a big battle going on in the Senate Banking Committee about who will head it. Elizabeth Warren wants the job, which is causing Wall Street to bristle. Here’s the lowdown on what’s happening.
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The ultimate decision of who heads the committee belongs to Harry Reid (D-NV). He considers seniority and background but it’s ultimately his decision.
There are two seats—both Democratic—on the banking committee that are open. Those are Herb Kohl (D-WI) and Daniel Akaka (D-HI). One of the people being considered—New York Senator Kirsten Gillibrand—has said she is not interested.
That leaves Delaware Senator Chris Coons, who isn’t giving an indication either way. So there is a seat open and there’s also pressure on Reid. Rhode Island Senator and Banking Committee member Jack Reed supports Warren for one of the seats.
Banking committee chair Tim Johnson said he had a good working relationship with Warren and would welcome her.
Wall Street lobbyists are trying to pressure Reid
to put Warren on another committee. That’s because Warren is a consumer advocate and considered not friendly to the Street.
But the lobby doesn’t appear to have much of an influence and Reid is likely to give Warren the seat if she wants it.