How Chuck Schumer Created the Banking Bill Mess Dividing His Party | NTK Network How Chuck Schumer Created the Banking Bill Mess Dividing His Party

How Chuck Schumer Created the Banking Bill Mess Dividing His Party

Elizabeth Warren is sniping at Trump-state Democrats publicly and by name, and it’s pretty much all Chuck Schumer’s fault.

By NTK Staff | 03.15.2018 @4:00pm
How Chuck Schumer Created the Banking Bill Mess Dividing His Party

A banking bill that eases regulations on smaller banks, allowing them to compete with much larger institutions, is creating serious tension within the Democratic Party’s ranks.

Sen. Elizabeth Warren (D-MA) called out individual Democrats by name last week for voting in favor of a procedural move that would allow the Senate to vote on easing these banking regulations.

One of the Trump-state Democrats who voted in favor of the legislation claimed Warren was purposefully misleading people about what the bill does, and Senate Minority Leader Chuck Schumer’s (D-NY) top deputy – and longtime rival – Sen. Dick Durbin (D-IL) called the whole debacle “painful” and “awkward.”

A new report by the Associated Press explained exactly how the division among Democrats became the open wound it is today.

Schumer put the party on this path last fall when he agreed to allow four Democratic senators — almost all of them up for re-election in states Trump won — to work with Senate Banking Committee Republicans on legislation to ease regulations imposed after the 2008 financial crisis.

Initial talks between Sen. Mike Crapo, R-Idaho, the panel’s chairman, and its top Democrat, Sen. Sherrod Brown of Ohio, broke down as Democrats said the changes went too far. But within a month of gaining Schumer’s nod, the Democratic senators — Jon Tester of Montana, Heidi Heitkamp of North Dakota, Joe Donnelly of Indiana and Mark Warner of Virginia — struck a deal with Republicans. Their compromise sailed through the committee.

Ultimately, the Senate approved the bill this week with a 67-31 vote. But the war of words didn’t stop there.

According to the AP, closed-door meetings with Democrats grew tense, with red-state Democrats and Schumer telling Warren to back off the personal attacks:

Schumer has mostly stood by as tensions flared. At a recent closed-door luncheon, moderate senators — they were taken aback by the directness of the attacks — told Warren she needs to stop.

Schumer did tell Warren to focus her opposition on the substance of the bill, rather than its supporters, according to a person familiar with the exchange. Warren responded that working on these issues was why she ran for the Senate, according to another person familiar with the conversation.

It’s unclear whether Schumer’s action will help red-state Democrats and preserve his Senate coalition, or further embolden left-wing ideologues like Warren to continue her crusade against any form of moderation. The results of the 2018 midterms will likely serve as Schumer’s reinforcement as leader or the beginning of the end of his tenure.

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