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Senator Elizabeth Warren, a Democrat from Massachusetts, will be the ranking member of a Senate subcommittee that overseees the Fed.

WASHINGTON (MarketWatch) Sen. Elizabeth Warren will have a new leadership role that will give her oversight of federal regulators she often likes to chide notably the Federal Reserve.

Warren, a Democrat from Massachusetts, will be the ranking member for the Senate Banking Committees Subcommittee on Economic Policy, which has oversight of the Federal Reserve and the Office of Financial Research, which was created under the Dodd-Frank and offers analysis of the financial system.

Warren has frequently criticized regulators for what she sees as their leniency toward banks. She led an ultimately unsuccessful fight earlier this year against a partial rollback of the Dodd-Frank law.

The subcommittee also has oversight of the Financial Stability Oversight Council, which was created under the Dodd-Frank law and works to identify risk in the financial system and can deem non-bank institutions as systemically important and subject to more regulation.

The council has already named American International Group AIG, -1.47% Prudential Financial PRU, -1.86% and General Electric GE, +0.82% as systemically important. Earlier this month, MetLife MET, -2.87% announced it would challenge its designation as a systemically important financial institution in court.

Warren will serve alongside Sen. Dean Heller, a Republican from Nevada, who will be chairman of the subcommittee.

Sen. Richard Shelby, a Republican from Alabama, was previously selected as chairman of the Senate Banking Committee and Sen. Sherrod Brown, a Democrat from Ohio, is the ranking member.

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Capitol Report: Warren to be top Democrat on Senate panel on economic policy