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After Spending $9 Million To Defeat Her, Wall Street Watches Sen-Elect Warren Join Banking Committee

By Pat Garofalo on December 4, 2012 at 5:00 pm

"After Spending $9 Million To Defeat Her, Wall Street Watches Sen-Elect Warren Join Banking Committee"

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The Huffington Post’s Ryan Grim reported Tuesday that Sen.-elect Elizabeth Warren, a dogged consumer advocate whose critique of Wall Street excess was a centerpiece of her campaign, will join the Senate Banking Committee. Wall Street spent boatloads of money to prevent Warren’s election, but now, as the Center for Responsive Politics noted, she will have oversight of the rules and regulations under which banks operate:

The securities and investments industry contributed just $245,000 to Warren and spent $3 million supporting her opponent Scott Brown, according to OpenSecrets data from mid-October. The industry was Brown’s top supporter.

The Financial/Insurance/Real Estate sector followed suit and contributed $6 million to Brown and a puny half-a-million to Warren. Businesses also favored Brown heavily, and his top contributors came straight from Wall Street. And though there wasn’t much outside spending in the race because of a pledge made by the two candidates, the U.S. Chamber of Commerce, whose members include business and financial interests, spent $400,000 on the race in support of Brown and against Warren.

Several Senate candidates supported by Wall Street wound up losing. As a member of the Banking Committee, Warren will have the opportunity to stand against both the watering down of the Dodd-Frank financial reform law and new misguided efforts to reduce limits on Wall Street.

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