Regrets? Some Senators Have a Few About Elizabeth Warren
Watching Elizabeth Warren grill regulators has some Senators wishing they didn't oppose her appointment to the CFPB back in 2011.
Careful what you wish for. Today, those senators are likely kicking themselves after they saw what happens when someone won't take no for an answer. Since Warren couldn't head the CFPB, she ran for the Senate, won and is on now the Senate Banking Committee. Awkward.
As the senior Senator from Massachusetts (John Kerry resigned to become Secretary of State), Warren gave everyone in the banking world an example of what life will be like now that she is a Senator.
Yesterday, she took the opportunity at her first Senate Banking Committee meeting to tear into the top regulators from the nation's financial service regulators (FDIC, SEC, OCC, CFPB, CFTC, Fed and Treasury). Remember, if she was allowed to be the head of the CFPB, she would have been on the other side of the room yesterday, answering softball questions from Senators who probably don't know the difference between a retail bank and an investment bank.
After a few pleasantries, Warren asks her very direct question: when was the last time regulators took a large bank to trial? Not to a settlement, where the bank admits no wrongdoing, but an actual trial where executives are forced to testify under oath?
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