The United States Senate panel known for deep investigations of Wall Street, bank money laundering and other corporate malfeasance is getting a new senior Republican leader, John McCain of Arizona.
The former presidential candidate and self-described maverick, is set to take over as ranking member on the Permanent Subcommittee on Investigations, according to Aaron Fobes, a spokesman for the outgoing Republican leader.
Bloomberg reported that McCain will work closely with the panel’s Democratic chairman, Senator Carl Levin of Michigan.
“These are two of the most dogged and independent investigators in Washington,” said Reginald Brown, who leads the congressional investigations practice at the WilmerHale law firm in Washington. McCain’s appointment will “enhance the already formidable reputation of the subcommittee.”
The subcommittee is currently completing an investigation of JPMorgan Chase & Company’s wrong-way bet on derivatives that resulted in a loss of more than $6.2bn during nine months of 2012. JPMorgan released the results of its own review on January 16.