Warren’s Bank Rebellion Causing Headaches for Schumer
The rebellion means Schumer is “trying to herd cats.”
We all know that millionaire Sen. Elizabeth Warren (D-MA) hates banks and the financial sector. The woman seethes about it at every opportunity.
Well, the idea of the government easing some some of the banking rules under Dodd-Frank has left her fuming. To make it worse for her SOME OF HER DEMOCRAT COLLEAGUES HAVE AGREED TO IT! For. Shame.
Needless to say, the rebellion has caused some headaches for Minority Leader Chuck Schumer at a time the Democrats need unity.
A source told The Hill that Schumer has decided to stay neutral and quiet in meetings. The source described it as Schumer “trying to herd cats” and that he “hates seeing” such a divide within the caucus.
Politico reported Schumer invited Warren to his office for a chat:
Warren had just sent a fundraising email blasting fellow Democrats who supported the legislation, and Senate Democrats had just had an ugly caucus meeting at which the rift over the measure was laid bare. And now Schumer wanted to hear what was on the mind of one of his most prominent senators, according to a person familiar with the conversation.
“This is what I said I was going to do,” Warren told the Senate minority leader in a lengthy conversation last Wednesday, the person said. “This is why I ran for the Senate.”
Schumer didn’t tell Warren to stop attacking the bill or to dig in. But he urged her to focus her opposition on the bill’s policies — not individual Democratic senators, as her fundraising plea had done, said a second person briefed on the conversation. Still, Warren largely stuck to her hard-edged tactics in the days afterward, regularly lashing what she calls the “Bank Lobbyist Act” and those who support it.
Schumer is personally against the bill. The fighting has kept the minority leader uncharacteristically quiet. People have noticed that he hasn’t put a lot of effort into whipping votes for or against it. Instead he has private conversations with his fellow Democrats:
“It’s a painful and challenging issue for him,” said Senate Minority Whip Dick Durbin (D-Ill.), Schumer’s deputy. “Chuck has done this as well as he could. This is really the first time since he’s been Democratic leader that there’s been a significant split in the caucus. And it’s inevitable. It’s awkward.”
POLITICO first inquired about Schumer’s position on the legislation in November, as the bill was changing and winding through committee. Finally, in March he came out in opposition to the bill as it came to the floor. People who speak frequently with Schumer argue that he’s always been in a no-win situation and that trying to derail it now would serve only to trample on what might be his moderate members’ signature bipartisan law in an election year.
The minority leader has essentially been playing to both sides of the banking debate, caught between competing factions of his caucus and seemingly unable to head off the warring Democrats, according to interviews with more than a dozen Democratic senators of all ideological stripes.
Warren upset those senators she named in the fundraising emails and the cracks may work against the party in the future:
“It could have political significance because it reveals the divide between progressives and centrists within the Democratic Party, and that’s something that’s a looming gap for Democrats and is likely to pop up in the next presidential campaign,” said Darrell West, director of governance studies at the Brookings Institution.
Democrat Senators in ten states that Trump run face re-election in November and some of them have sided with the GOP on the bill.
Senate Banking Committee member John Tester (D-MT) has given his support of the bill. He also pointed out that the reforms from 2010 has caused “banks in his largely rural state” to go out of business. Tester said these banks didn’t cause the 2008 financial crisis yet they faced punishment and heavy regulations.
Other moderate Democrat senators that join Tester include Heidi Heitkamp (ND) and Joe Donnelly (IN). All three face re-election in November. All three come from states that chose President Donald Trump over failed Democrat presidential candidate Hillary Clinton.
All three worked with Banking Committee Chairman Mark Crapo (R-ID) to craft this bill.
Former Rep. Barney Frank (R-MA), who authored the Dodd-Frank bill, said that he’d rather have these three senators “vote for the legislation and get reelected in November than vote against it and lose.” He believes if they lose re-election than the people will “get a much worse bill.”
Failed Democrat presidential candidate Hillary Clinton’s running mate Sen. Tim Kaine (D-VA) and his colleague Mark Warner (D-VA) also support the bill even though they helped put together Dodd-Frank.
Sen. Claire McCaskill (D-MO), another senator who has an election in November, described “her frustration at liberals for attacking fellow Democrats on the banking bill.” Trump won Missouri by 19 points.
I’ll just sit back and grab the popcorn.
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Comments
Former Rep. Barney Frank (R-MA),—– R ????
forget the popcorn – take Aricept….
She’s conscious. It will never work.
You know, from this angle, she does appear to be a bit naive… I mean, native.
with a beard she would be the spiting image of Lenin
I like the spitting part.
totally random and off topic, but I think it is amazing that the term, “spitting image” came about before they knew about DNA or cloning.
You were right the first time!
Ooops! That was supposed to be a reply to n.n.
just curious. Is it worse to be a faux Indian or a faux businessman? ‘Apprentice’ producers say they created ‘character’ of President Trump
Trump lies all the time and you know it. So your criticism of Warren isn’t about the claims she made about her ancestry. So what is it really about?
” Is it worse to be a faux Indian or a faux businessman?…”
It’s worse to be a faux American, comrade.
Is it possible to have any nuance here or is this site dedicated to pure partisanship?
Warren does not hate banks. She hates bank practices that tilt against consumers. She hates that the big banks were bailed out, but don’t want to change their practices. Why should they? Heads they win. Tails you lose.
Now if you are a bank official or a major bank stockholder, then I can understand why you would not favor Warren. But almost everyone here is a consumer. I have never understood why you are cheering to be on the wrong end of an unfair fight.
If you don’t think it is a fight, then you don’t understand the capitalism you are committed to.
Is it possible to have any nuance here …?
Try it yourself.
Then your posts might be worth reading.
Educated me. So far all you have done is make a snide comment.
If you don’t or can’t then just accept that fact that peak Trump has already passed. He can continue to uproot things, but by January the democrats probably will have subpoena power.
I’m not deluding myself that you will care about what I say, but maybe someone else will. The problem with Warren’s crusade is that it has led to a large expansion of the size, power and influence of the big banks. Small to medium banks have been decimated. If you are pleased with this result, fair enough. You are entitled to your opinion. The rest of us may differ in good conscience.
“Is it possible to have any nuance here or is this site dedicated to pure partisanship?…”
It’s dedicated to pure parmesan.
http://www.igourmet.com/parmesan.asp
Hey Faux, thanks for proving my point.
Always ready to help, Chief.
(Congrats on your promotion.)
You should get together with Fauxcahontas.
(Say, what producers came uo with your character?)
Senator Elizabeth Warren is about as anti-bank as Barack Obama. Unless you support an audit of the Federal Reserve you are pro-bank in my book.
https://twitter.com/SenatorBrakey/status/973640854786240514
Obama ‘anti-bank?’
Are you kidding? The scummy fraud and his equally scummy beast of a ‘wife’ never saw another person’s dollar they didn’t try to spend on themselves
Final Obama travel tab: $100 million
https://www.washingtonexaminer.com/final-obama-travel-tab-100-million/article/2623399
Michelle Obama Lavish Expenses Cost Taxpayers Big:
https://www.newsmax.com/tomfitton/national-debt-travel/2015/08/24/id/671575/
Why Won’t Obama Go After Criminal Bankers?
https://www.huffingtonpost.com/eric-zuesse/why-wont-obama-go-after_b_4661086.html
Where does this witch keep her money? In her tepee?
Fauxcahontas hides her wampum in plain sight.
Dear Elizabeth,
I sympathize what’s the recent negative attention you’ve received for falsely identifying as a Native American.
I have a similar problem, as I now identify as a Senator from Massachusetts.
Please vacate my office at your earliest convenience.
Regards
Fen Ris Ulven (R – MA)
LOL
Excellent!
Schumer “trying to herd cats”
https://www.youtube.com/watch?v=m_MaJDK3VNE
Next, they will be “Running with the Squirrels”
https://www.youtube.com/watch?v=nGF5k8uzbRQ
Very funny!
That was hilarious!