I must have some pent-up energy writing today...oh, well...probably a function of an active inbox today.
But, if you live anywhere near Wall Street and heard massive screaming, garments being torn and saw a distraught Jamie Dimon downing a few shots in the elite bar near the office, here's why, a bright spot to wrap the week: Sherrod Brown is going to be the ranking Democrat on the Senate Banking Committee in 2015, and, in hopeful sign to all middle-class people, Chuck Schumer won't.
From Brown:
“This committee is about ensuring a fair set of rules for all financial institutions while protecting taxpayers and consumers. Serving as Ranking Member will allow me to continue to fight for Ohio consumers, Ohio jobs, and Ohio economic development and for our state’s financial institutions and their customers. We must ensure transparency and accountability for Wall Street and access to credit on fair terms for Main Street.”
Cleverly, he also gives up a few quotes from community bankers:
“Senator Brown has been a great supporter of credit unions and clearly understands the important role Ohio’s cooperative financial institutions play in the lives of their three million members,” Paul Mercer, President of the Ohio Credit Union League, said.. “We are confident that Senator Brown will keep the best interests of Ohioans in mind as he assumes this leadership position of one of the most influential Congressional committees.
The
press:
Sen. Sherrod Brown will be the top Democrat on the Senate Banking Committee in the next Congress, providing the Ohio Democrat with a bigger stage to make his case that Wall Street banks are out of control and need to be reined in by the government.
On Friday, Sen. Chuck Schumer (D-N.Y.) announced he would pass on the post, which was his for the taking under seniority rules, so he can concentrate on his party leadership duties as the No. 3 Democrat in the Senate.
And:
For Schumer, whether to take the Banking top spot was a political dilemma. If he took the job, he likely would have felt pressure from panel liberals, such as Brown and Sen. Elizabeth Warren (D-Mass.), to take an aggressive stance toward his home state industry. If he didn’t, he risked alienating a constituency that would be key to the possibility of him one day becoming Senate Democratic leader.
Wall Street officials, meanwhile, would have been looking for a lighter touch from their home state senator, who has often turned to the industry in search of campaign dollars to help both himself and fellow Democrats in elections.
The fact that Brown would get the job if Schumer passed put increased attention on his decision.
In recent years, Brown has emerged as one of Wall Street’s fiercest critics in Congress.[emphasis added]
Ok, so, obviously, Schumer is going to continue to act as Wall Street's shill. But, Brown (who, I'll say, personally I would love to see run for president because of his long track record on behalf of workers, against pathetic trade agreements and his tough critique of Wall Street) will at least this spot to continue to try to keep these fuckers in line.