Sen.-elect Warren tapped to serve on the Senate Banking Committee

BOSTON (FOX 25 / MyFoxBoston.com) Senator-elect Elizabeth Warren is receiving a seat on a highly coveted panel.

FOX News correspondent Peter Barnes has confirmed that Warren has been tapped by Democrats to serve on the Banking Committee.

A Senate aide tells Barnes that Majority leader Harry Reid still has to formally sign off on the selection, but at this point it is a formality.

Warren's seat on the panel will be seen as a victory for progressives looking to pass banking regulation. The Senate Banking Committee oversees the implementation of the so-called Dodd-Frank financial system overhaul and other banking regulations.

Warren was an outspoken advocate for the Obama administration's newly created Consumer Financial Protection Bureau last year, but Republican opposition helped prevent her from becoming leader of bureau.

The Senate aide tells Barnes that Democratic Senator Joe Manchin of West Virginia will also be named to the panel.

The Associated Press contributed to this report

Cox Media Group