Elizabeth Warren in 2022, but now with Banking Committee Rank. (WMP&I)

United States Senator Elizabeth Warren achieved what may be the most on-brand milestone of her career in Congress. On Wednesday, Warren formally ascended to her party’s top spot on the Senate Banking, Housing and Urban Affairs Committee. Still, the plum post is bittersweet as it comes after the current chair’s unsuccessful bid to secure another term.

Banking Committee Chair and Ohio Senator Sherrod Brown lost reelection last week. Warren will not become chair as Democrats are returning to the minority in the Senate for the next Congress. The upper chamber’s arithmetic makes a majority a tall order for Senate Democrats before 2028. Thus, Warren’s hand remains quite a bit away from the Committee’s gavel.

“I’ve spent my entire career fighting to make our economy work better for middle-class families – not just for the wealthy and well-connected,” Warren said in a statement Tuesday. “Decisions made by the Senate Committee on Banking, Housing, and Urban Affairs have a powerful impact on Americans’ lives, and I’m grateful for the opportunity to fight for families who most need a government on their side.”

Following the election, Warren said it was “powerfully important” for Democratic leaders to show they can address the cost-of-living and rebuild the middle-class.

Warren defeated lawyer John Deaton by a hair under 20 points on Election Day. Her share of the vote last week was slightly smaller than in 2018—although, as a midterm, fewer people voted that year. However, she vastly improved her performance when compared to her first run for office in 2012 when she defeated incumbent Republican Senator Scott Brown.

Assuming no Putinesque evisceration of the republic before 2026, the midterms present Democrats with few pickup opportunities. They will likely need four to take back the chamber.

Warren-as-top-Banking Committee Dem mood. (via Twitter/@jentaub)

Nevertheless, becoming the top Democrat on the Banking Committee is a coup for Warren. The onetime college professor galloped into the public consciousness as a member of the oversight board for the Troubled Asset Relief Program (TARP).

Though it ultimately made money for the US Treasury, TARP was widely reviled as, correctly, a bailout for the banks. Video of Warren’s grilling of Treasury officials, including many from then-President Barack Obama’s administration, was a hit on social media. She became a frequent guest of Jon Stewart.

Obama had no problem with her approach. She went on to advise him on consumer protection during and after the debate on financial reform. Among the creations of that legislation was the Consumer Financial Protection Bureau. Warren helped set up the agency before its official launch.

By the time it was ready to open, Republicans had all but pronounced Warren a bride of Satan. Obama opted against a confirmation fight to have her formally lead the agency. Warren returned to Massachusetts—and ran for US Senate.

Warren’s bid for president in 2020 flamed out. Yet, many of President Joe Biden’s domestic policy appointments were decidedly Warrenesque.

Republican control of Congress does not mean major legislation with much chance of becoming law will come before Banking Committee. The new GOP leader said the legislative filibuster will remain, for now. Plus, Republicans’ majority in the House is far narrower than the one Trump had eight years ago.

Warren on Jan 15, 2017. Now she is back to opposition with a bigger role and a  familiar threat on the other end of Pennsylvania Ave. (WMP&I)

However, Warren will be front and center for confirmation hearings and oversight of agencies. Throughout her time in the Senate, Warren’s questioning of officials—of both Democratic and Republican administrations—have led to viral moments.

Even if Senate Republicans completely abdicate their role and conduct less oversight than last time, Warren will play a major role as the Banking Committee’s top Democrat. Trump is expected to gut financial regulations. Democrats will spotlight that and hang it around the GOP’s neck in the midterms and 2028. The senator’s new Committee role will position her to greatly influence that message.

Warren also sits on the Armed Services Committee and the Finance Committee. The latter focuses on tax, trade and entitlement program policy. Those seats, too, will be critical in the coming years. A spokesperson for Warren confirmed that her new Banking Committee position will not require her to step back from these other committees.