November 13, 2015

The Democrats’ Internal Fight Over Wall Street Escalates

Politico reports that Elizabeth Warren is urging Democrats to oppose softening the banking regulations that were part of the 2010 Dodd-Frank law:

“Elizabeth Warren is warning Democrats not to use an upcoming spending bill to soften the banking regulations that were part of the landmark Dodd-Frank law passed after the 2008 financial crisis. But a group of moderate Democrats is quietly negotiating with Republicans who want to do just that, risking the wrath of Warren and a fired-up liberal base that wields considerable power over the party.”

One such Democrat who now finds herself in Warren’s crosshairs is Arizona Rep. Kyrsten Sinema. Last week, Sinema voted for a bill in committee that would ease federal oversight for some of the nation’s largest banks and rein in financial regulations.

On Tuesday, Warren went after Democrats like Sinema on the Senate floor, saying, “If there’s anyone in this chamber, Republican or Democrat, who think they can slip goodies for Wall Street into these bills without a fight, they are very wrong.”

The fight is only expected to escalate further, as Warren almost shut down the government last year over similar issues.