{"id":198468,"date":"2019-12-16T14:34:44","date_gmt":"2019-12-16T14:34:44","guid":{"rendered":"https:\/\/usa.timesofnews.com\/wall-street-banks-court-moderate-democrats-to-blunt-warrens-hostility.html"},"modified":"2019-12-16T14:34:44","modified_gmt":"2019-12-16T14:34:44","slug":"wall-street-banks-court-moderate-democrats-to-blunt-warrens-hostility","status":"publish","type":"post","link":"https:\/\/usa.timesofnews.com\/breaking-news\/political\/wall-street-banks-court-moderate-democrats-to-blunt-warrens-hostility.html","title":{"rendered":"Wall Street banks court moderate Democrats to blunt Warren’s hostility"},"content":{"rendered":"

WASHINGTON (Reuters) – Wall Street bank lobbyists are seeking moderate Democratic allies in Congress to deprive Elizabeth Warren of votes and curb policies they consider hostile to their interests, according to more than a dozen lobbyists, consultants and campaign data. <\/p>\n

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A leading Democratic 2020 presidential hopeful and fiery progressive, Warren has built her profile by attacking lenders like Wells Fargo Co (WFC.N<\/span>), Goldman Sachs Group Inc (GS.N<\/span>) and Citigroup Inc (C.N<\/span>). <\/p>\n

Banks worry that even if the Massachusetts senator does not become the next U.S. president, she would wield major influence on financial policy in any Democratic administration. <\/p>\n

\u201cWhile a hostile White House could pose challenges, the banking industry is working to mitigate those challenges by using its considerable clout in Congress,\u201d said Cam Fine, chief executive of advocacy consultancy Calvert Advisors and a longtime bank lobbyist. <\/p>\n

On the campaign trail, Warren has proposed measures damaging for Wall Street, including breaking up big banks, taxing financial transactions, and reviving capital and liquidity rules weakened by the Trump administration. <\/p>\n

She has also rejected corporate money, closing off a traditional avenue for influencing presidential candidates. <\/p>\n

Lobbyists believe they can rely on Congressional Republicans to oppose Warren\u2019s agenda, but they need to sway moderate Democrats to block any drastic legislation, especially in the Senate where most bills require 60% of the vote to pass. <\/p>\n

Thirty-five Senate seats are up for re-election in 2020 and the winning party is expected to wield only a slim majority. <\/p>\n

Banks are targeting Democrats on the U.S. Senate banking committee who need war chests for re-election bids, including Virginia\u2019s Mark Warner and Alabama\u2019s Doug Jones, as well as other senators with bipartisan track records such as Arizona\u2019s Kyrsten Sinema and Michigan\u2019s Gary Peters, lobbyists said. <\/p>\n

Some Democrats, including Peters, have received more cash from banks this cycle than leading Republicans like Senate Majority Leader Mitch McConnell, according to data from the Center for Responsive Politics. <\/p>\n

\u201cElizabeth has a proven record of getting things done, even in the face of intense lobbying from corporate interests,\u201d said a spokeswoman for Warren. <\/p>\n

Warner declined to comment. Jones and Sinema did not respond to requests for comment. <\/p>\n

A spokeswoman for Peters said he had helped lead efforts to hold Wall Street accountable and protect consumers, and would \u201ccontinue to focus on doing what\u2019s best for Michigan families, Main Street community banks and credit unions.\u201dOf the $5.8 million that banks and their lobby groups have given to lawmakers\u2019 campaigns so far this election cycle, 33% has gone to Democrats, the highest portion since 2010, the data shows. <\/p>\n

\u201cYou can\u2019t get lasting legislation done in this city without it being bipartisan,\u201d said Tom Quaadman, an executive vice president at the U.S. Chamber of Commerce which this year said it would better reward lawmakers who focus on bipartisanship. <\/p>\n

\u201cThat\u2019s why we are making sure we have strong ties with both parties.\u201d <\/p>\n

The American Bankers Association, the biggest bank group donor which has dished out $1.5 million so far this cycle, also plans to fund campaign ads in support of moderate Republicans and Democrats in tight races, the sources said. <\/p>\n

An ABA spokesman declined to comment. <\/p>\n

ECONOMIC ROLE <\/h3>\n

Media savvy and a consumer finance expert, Warren has proved adept at wrongfooting big banks, shining a spotlight on their missteps and slamming regulators she says are too industry-friendly. Beyond blocking legislation, banks need advocates who will rebut Warren\u2019s rhetoric, shield regulators from White House pressure to crackdown on them, and moderate the tone in Washington, the sources said. <\/p>\n

Lobbyists are also courting lawmakers on the U.S. House of Representatives\u2019 finance panel, such as Ohio\u2019s Joyce Beatty, and those from districts with a significant financial footprint, including New York\u2019s Gregory Meeks, Georgia\u2019s David Scott and Connecticut\u2019s Jim Himes. <\/p>\n

The Financial Services Forum representing the eight largest U.S. banks has decided to give directly to lawmakers for the first time. In meetings, it has used data on bank lending and employment to emphasize the large role banks play in lawmakers\u2019 constituencies and the broader economy, its CEO Kevin Fromer said in an interview. <\/p>\n

The message is resonating with some lawmakers. <\/p>\n

\u201cTo say … banks are the evil people of the world would go against the interests of the communities I represent,\u201d Meeks told Reuters. <\/p>\n

He said he wants banks to operate fairly, but that Warren\u2019s proposals to curtail the industry could reduce banking services in minority communities like those he represents in New York\u2019s Queens borough. \u201cWe talk because I\u2019d like banks to also invest in communities like mine,\u201d he added. <\/p>\n

Beatty, Scott and Himes did not respond to requests for comment. <\/p>\n

Warren has argued that lax bank regulation can harm minorities, while vigorously defending rules that guard against discriminatory and predatory lending. <\/p>\n

\u201cThis campaign is about building a grassroots movement of Democrats, Republicans, and Independents to hold Wall Street accountable and to produce an economy that works for everyone,\u201d said Warren\u2019s spokeswoman. <\/p>\n

Wall Street has struggled since the 2007-2009 global financial crisis to rehabilitate its image in Washington and rebuild the Democratic support it once enjoyed. Some lobbyists are skeptical they will gain much ground. Many, though, said they have been encouraged by signs of a thaw after the industry in 2018 persuaded a group of moderate Democrats to back a rewrite of post-crisis rules, despite intense criticism from Warren. <\/p>\n

\u201cThe industry is much more attuned to the political cycle this go-around,\u201d said one consultant. <\/p>\n

Reporting by Pete Schroeder; Editing by Michelle Price and Richard Chang<\/p>\n

Article source: http:\/\/feeds.reuters.com\/~r\/Reuters\/PoliticsNews\/~3\/VUNnjg3bj8o\/wall-street-banks-court-moderate-democrats-to-blunt-warrens-hostility-idUSKBN1YK135<\/a>\r\n<\/p>","protected":false},"excerpt":{"rendered":"

WASHINGTON (Reuters) – Wall Street bank lobbyists are seeking moderate Democratic allies in Congress to deprive Elizabeth Warren of votes and curb policies they consider hostile to their interests, according to more than a dozen lobbyists, consultants and campaign data. A leading Democratic 2020 presidential hopeful and fiery progressive, Warren has built her profile by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[84],"class_list":["post-198468","post","type-post","status-publish","format-standard","hentry","category-political","tag-political"],"_links":{"self":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/198468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/comments?post=198468"}],"version-history":[{"count":0,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/198468\/revisions"}],"wp:attachment":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/media?parent=198468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/categories?post=198468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/tags?post=198468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}