Ocasio-Cortez Poised to Join Panel Overseeing Wall Street

(Bloomberg) -- Wall Street, get ready for a lot more scrutiny from U.S. Representative Alexandria Ocasio-Cortez.

The New York lawmaker, who has become a sensation among progressives, will almost certainly join the House Financial Services Committee after a group of fellow Democrats on the party’s steering committee voted to recommend her for the panel on Tuesday, according to people familiar with the matter.

Ocasio-Cortez Poised to Join Panel Overseeing Wall Street

Two other recently elected progressive Democrats, Rashida Tlaib of Michigan and Katie Porter of California, are also likely to join the panel, said the people said, who requested anonymity because the names of the new members have not yet been announced.

Tulsi Gabbard, a lawmaker from Hawaii who says she plans to run for president in 2020, is also poised to join, the people said.

Because the committee plays a big role in setting policies for banks, hedge funds and insurers, its members are often known for their fundraising prowess.

Yet progressives like Ocasio-Cortez, who has called for the biggest banks to be broken up, is expected to use the panel as a platform to call for more scrutiny of financial firms. The 29-year-old socialist Democrat from the Bronx is part of a new wave of lawmakers who’ve denounced income inequality, while demanding that the biggest earners pay much higher taxes.

The majority of House Democrats still have to sign off on Ocasio-Cortez joining the financial services panel. But the second vote will likely be akin to a rubber stamp now that the steering committee has already approved her membership.

Representative Maxine Waters, a California Democrat, will lead the financial services panel. The committee has dozens of members, most of whom would be senior to Ocasio-Cortez and the other new members.

“I am very grateful for the opportunity to sit on this committee as a freshman, and look forward to working under the leadership of @RepMaxineWaters!” Ocasio-Cortez said in a Twitter post on Tuesday night.

“Personally,” she said in another post, “I’m looking forward to digging into the student loan crisis, examining for-profit prisons/ICE detention, and exploring the development of public & postal banking. To start.”

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