Warnock chosen to lead Senate subcommittee on consumer protection

U.S. Sen. Raphael Warnock has been named chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection.
U.S. Sen. Raphael Warnock has been named chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection.

WASHINGTON — U.S. Sen. Raphael Warnock will lead a Senate subcommittee that has oversight of financial institutions such as banks and credit unions, and monitors federal consumer protection efforts.

The Banking Subcommittee on Financial Institutions and Consumer Protection also keeps tabs on the Federal Reserve System, the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp.

“As Georgians work to move beyond the economic turmoil of this once-in-a-century pandemic, I look forward to leading the subcommittee’s efforts to help ensure stability in the community banks, credit unions, and other financial institutions that families and communities in Georgia rely on, and that we’re protecting hardworking Georgia consumers from scam, abuse, and fraud,” Warnock said in a news release about his appointment.

The Georgia Democrat will also serve on two other Banking subcommittees: Housing, Transportation, and Community Development, and Securities, Insurance, and Investment. Atlanta is a hub for the financial technology industry.

U.S. Sen. David Perdue served on the Banking, Housing and Urban Affairs Committee during his term in office. He lost his reelection bid earlier this year to Jon Ossoff.

Ossoff’s and Warnock’s wins during the Jan. 5 runoffs helped flip control of the U.S. Senate to Democrats. Ossoff previously learned he would lead a Senate subcommittee on investigations.

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