Lautenberg assumes power over financial agency, FCC budgets

Sen. Frank Lautenberg (D-N.J.) is assuming control of the Senate subcommittee in charge of the budgets of the financial agencies.

The new post will give Lautenberg power over what is spent by the Treasury department, Securities & Exchange Commission, the Federal Communications Commission (FCC), Federal Trade Commission, and the Consumer Product Safety Commission (CPSC) and a host of other agencies. 

The Financial Services and General Government appropriations subcommittee chairmanship became vacant when Sen. Dick Durbin (D-Ill.) announced he would move to take over the Defense subcommittee. That subcommittee chairmanship was open after former Sen. Daniel Inouye (D-Hawaii) passed away last year. 

With his new powers, the New Jersey liberal senator will have added ability to pressure the agencies to expand consumer protections and crack down on potentially harmful products. 

“This chairmanship provides an important opportunity to strengthen consumer protections and make sure our nation's financial institutions serve the interests of all Americans. In addition, the FCC has a tremendous impact on our daily lives, from cellphones to the Internet to what we see on our television screens, and I will work to promote fairness, localism and diversity in the telecommunications industry,” he said. 

Lautenberg has also been leading a charge to strengthen government regulations on potentially toxic fire retardants and other chemicals.

The 89-year-old senator is up for reelection in 2014 and already Newark Mayor Cory Booker (D) has made moves to challenge him

Lautenberg joked this week that he would have to spank Booker for being disrespectful and later questioned his management of Newark.

The Friday announcement of the new post gives every indication that Lautenberg plans on sticking around the Senate for a while.

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