Elizabeth Warren, a Harvard Law School professor specializing in bankruptcy law and a consumer protection advocate, proposed the Consumer Financial Protect Bureau after the 2008 financial meltdown as a way to police big banks. Wall Street then chased her away from running her own watchdog bureau, but in 2012, the people of Massachusetts sent her back to Washington, D.C.
After a hotly contested Senate race in Massachusetts, Warren defeated incumbent Sen. Scott Brown and has returned to policing Wall Street with her appointment to the Banking Committee.
For now, Wall Street is playing nice about their likely-least favorite legislator. “We look forward to working with her—hahaha, I had to start that way,” Scott Talbott, the chief lobbyist for the Financial Services Roundtable, told MSNBC.com after news of her appointment broke.
“I think that the concerns about her are exaggerated. Going forward, there are a lot of areas where she and the industry agree,” Talbott said, noting that his group supports consumer protection. “She will be a sitting U.S. senator, on the committee of relevant jurisdiction,” he added. “So she will be a relevant player.”