Democratic Party progressives intent on reining in Wall Street are pushing Hillary Clinton to choose people to head the Treasury, Securities and Exchange Commission and other agencies who will crack down on big banks if she wins the White House on November 8.
“Do they have a proven track record of challenging corporate power?” asked Adam Green of the Progressive Change Campaign Committee, a grassroots group aligned with USSenator Elizabeth Warren, the party’s liberal firebrand.
Progressive groups are urging that she break sharply with the centrist, pro-business bent of some of the economic leaders who served her husband, former President Bill Clinton and President Barack Obama.
Big US banks are voicing concern about both Clinton and Donald Trump, her Republican rival who has accused corporate America of buying influence in Washington.
Raskin, a favourite
Among Democratic progressives, a favourite for Treasury secretary is Sarah Bloom Raskin, now deputy Treasury Secretary and a backer of strict enforcement of the Volcker Rule that prohibits banks from making some types of speculative investments.
Democratic activists, who believe Obama did not go far enough at the height of the 2007-2009 financial crisis to punish bankers and tighten regulation, want to make sure Clinton keeps her campaign promises to defend the 2010 Dodd-Frank reforms.
Some Democratic activists are wary of two potential Treasury candidates — Sheryl Sandberg, Facebook COO, and Federal Reserve Governor Lael Brainard — because of links to the Bill Clinton and Obama administrations.
Progressive groups are urging that she break sharply with the centrist, pro-business bent of some of the economic leaders who served her husband and Obama
Progressive groups are urging that she break sharply with the centrist, pro-business bent of some of the economic leaders who served her husband and Obama