“If Warren’s colleagues didn’t want to be criticized as Wall Street-owned hacks, then they could choose not to vote for legislation that enriches Wall Street.”
That’s what progressive writer and activist Jonathan Cohn had to say overnight as reports emerged that Democrats are upset at Sen. Elizabeth Warren (D-Mass.) over her criticism of their vote to advance a bill that would reward Wall Street and heighten the risk of another financial crisis.
According to CNN‘s Jake Tapper, Warren “really angered many of her Democratic Senate colleagues” by highlighting the names of the 16 Senate Democrats and one Democratic-leaning independent who voted to propel the “Bank Lobbyist Act” over a crucial procedural hurdle. A final vote on the measure (S.2155) is expected next week.
In a report published late Thursday, The Hill confirmed this widespread anger among Democrats, who—according to one anonymous aide—find it “disappointing” that Warren would go after members of her own party for backing a bill that analysts say would make it easier for banks to “hide racial discrimination in mortgages,” significantly increase the risk of future taxpayer bailouts, and reward massive Wall Street firms like Citigroup and JPMorgan Chase.
The Democratic aide also accused Warren of opportunistically attacking the deregulatory bill to “raise money for her campaign,” highlighting an email Warren sent to supporters calling on them to circulate an image of the vote tally.
“Dems who vote to weaken one of the party’s signature (albeit still insufficient) laws to restrain banks deserve every criticism leveled at them.”
—Richard Yeselson, Dissent Magazine
Another anonymous aide quoted by The Hill repeated the trope—by now thoroughly debunked by the Congressional Budget Office (CBO), journalists, and federal regulators—that the GOP-crafted measure would only provide “relief for community banks and credit unions across rural America.”
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