Sen. Elizabeth Warren’s (D-MA) impact on Senate Democratic leadership is quickly being felt, as the nation’s largest banks are considering pulling their donations from Senate Democratic campaigns.
Big Wall Street banks are so upset with Democratic Senator Elizabeth Warren’s call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said.
Representatives from Citigroup, JPMorgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party’s tone toward Wall Street, sources familiar with the discussions said this week.
Bank officials said the idea of withholding donations was not discussed at a meeting of the four banks in Washington but it has been raised in one-on-one conversations between representatives of some of them. However, there was no agreement on coordinating any action, and each bank is making its own decision, they said.
When Harry Reid decided to promote Elizabeth Warren to Senate leadership, and Sen. Sherrod Brown (D-OH) to the Senate Banking Committee, he set the stage for Senate Democrats to take on Wall Street and the big banks. An interesting conflict is brewing as Reid has endorsed friend of Wall Street, Sen. Chuck Schumer (D-NY) to take over as the leader of the Senate Democrats. Sen. Warren is definitely going to be in line for a leadership promotion, and her power is going to continue to grow.
The threat by the big banks to stop donating is their attempt to stop Warren from accumulating more power in the Senate. The gesture is a bit symbolic because it will be limited to $15,000 per bank, but what can’t be denied is that Elizabeth Warren, Sherrod Brown, Bernie Sanders, Al Franken and other Senate liberals have Wall Street scared.
The power of the left within the Senate is growing, and Wall Street doesn’t like it one bit.