Wall Street banks court moderate Democrats to blunt Warren’s hostility

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 attacking lenders like Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.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.

“While a hostile White House could pose challenges, the banking industry is working to mitigate those challenges by using its considerable clout in Congress,” said Cam Fine, chief executive of advocacy consultancy Calvert Advisors and a longtime bank lobbyist.

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.

She has also rejected corporate money, closing off a traditional avenue for influencing presidential candidates.

Lobbyists believe they can rely on Congressional Republicans to oppose Warren’s 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.

Article URL : https://www.reuters.com/article/us-usa-election-warren-wallstreet/wall-street-banks-court-moderate-democrats-to-blunt-warrens-hostility-idUSKBN1YK135

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