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Senator Elizabeth Warren challenged the credentials of President Barack Obamas nominee for a top Treasury job, saying a well-oiled revolving door between Wall Street and its regulators favors banks interests at the expense of consumers.

Antonio Weiss, the global head of investment banking at Lazard Ltd. who has specialized in international mergers and acquisitions, lacks experience to be undersecretary for domestic finance, Warren said in a speech today in Washington. She criticized Obama for nominating an executive who has worked on corporate tax-inversion deals, which the administration is attempting to curb.

Not every person who swoops in through the revolving door should be offered a top job without some serious cross-examination, she said in prepared remarks at an event organized by Americans for Financial Reform, the Economic Policy Institute and the Roosevelt Institute. Qualifications matter, and Weiss doesnt have them.

Warren, a Massachusetts Democrat, is opposing the nomination partly because she said his selection would perpetuate close ties between the government and banks. She cited figures showing the amount of time and money Goldman Sachs Group Inc., JPMorgan Chase & Co. and other financial companies spend trying to influence regulators in Washington.

Antonio Weiss, global head of investment banking at Lazard Ltd., speaks at the Bloomberg Markets 50 Summit in New York, on Sept. 13, 2012. Close

Antonio Weiss, global head of investment banking at Lazard Ltd., speaks at the... Read More

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Antonio Weiss, global head of investment banking at Lazard Ltd., speaks at the Bloomberg Markets 50 Summit in New York, on Sept. 13, 2012.

As undersecretary, Weiss would coordinate policies on banking, capital markets and regulation. The undersecretary also works on implementation of the Dodd-Frank financial law. One of his main responsibilities is managing the issuance of the countrys debt.

Warren said Weisss banking expertise doesnt fit with the position, calling him a corporate dealmaker, not a bond trader.

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Warren Dubs Weiss a Bank Dealmaker Lacking Resume for Treasury