Gregg Grabs Spot on Banking Committee

Sen. Judd Gregg (R-N.H.) — the notorious budget hawk who almost became President Obama’s Commerce Secretary — has accepted a spot on the powerful Banking Committee just as discussions are heating up over legislation (not yet unveiled) to reform the finance industry. The seat was vacated by former Sen. Mel Martinez (R-Fla.), who retired last month.

Though Gregg was a supporter of the Wall Street bailout, his statement this afternoon indicates that he’s poised to push back against the Democrats’ plans for sweeping new banking reforms.

We have stepped back from the ledge of economic collapse, but it is critical that we do not over-correct the problems that contributed to the breakdown so that we lose the entrepreneurial spirit of innovation that has helped build our country and kept the U.S. competitive.

Gregg is also the senior Republican on the Budget Committee, a spot he’ll retain.