Sen. Tammy Baldwin (D-WI) announced on Thursday that she will oppose the Obama administration’s nomination of Lazard banker Antonio Weiss for undesecretary of the U.S. Treasury for domestic policy, a move that makes it difficult for Weiss to get confirmed without Republican support.
Here’s the statement:
I do not believe Mr. Weiss is the right nominee to push for strong oversight of Wall Street and protect the interests of Main Street as Under Secretary for Domestic Finance. Based on his record and qualifications as a Wall Street investment banker I don’t have confidence that he will work to even the playing field for middle class families and small businesses who need a fair shot to get ahead. With Wall Street lobbyists and Republicans working harder than ever to gut the Dodd-Frank Wall Street reform law, working families need public servants who are committed to remembering the hard lessons of the financial crisis. In addition, Wisconsin’s small businesses and homebuyers – as well as the community banks and credit unions that serve them – need a stronger voice in financial policymaking to provide services that work for Main Street, not Wall Street. Regrettably, I do not believe Mr. Weiss is the right choice for this position and I will oppose his nomination.
Sen. Elizabeth Warren (D-MA) and a handful of other senators have already said they will oppose Weiss’s nomination, arguing that he’s too close to Wall Street and that his involvement in a corporate merger between Tim Horton’s and Burger King means he fails to meet the basic threshold of requirements to be confirmed to the position. Weiss was nominated by President Barack Obama for the position.
As Bloomberg’s Dave Weigel notes, there are now at most only 49 potential Democratic votes for Weiss, meaning he’ll need the support of Republicans to become undersecretary. Sen. Orrin Hatch (R-UT) has already said that he will support Weiss’s nomination.
Later on Thursday Baldwin’s office also pointed out that the Independent Community Bankers of America praised the senator from Wisconsin’s move.
“The Independent Community Bankers of America and the more than 6,500 community banks thank Senator Baldwin for her opposition to the nomination of Antonio Weiss for undersecretary for domestic finance,” ICBA President and CEO Camden R. Fine said. “We are pleased Senator Baldwin agrees with us that the Treasury position requires someone with a broad background in financial services who understands community financial institutions and their important place in our nation’s economy. We appreciate Senator Baldwin’s support of Main Street.”
This post has been updated.
Well, I am guessing this puts many Rs in a quandary. Should they ever consider voting for anyone the President nominated? or Does it make a larger oppositional statement to stand with Dems who are opposing their own President? What’s an obstructionist to do???
They don’t have to do anything. Obama is going to be forced to withdraw the nomination by his own party.
And as I said yesterday, this will serve as confirmation that Obama is indeed a lame duck now. He his having his nominee shot down by his own people. You can’t get much lamer than that.
Will this come down to an exchange of the Dodd-Frank piece for Weiss’ confirmation?
Love my senator! Well … this one. Not the other one … you know, the stupid one.
What does this mean? How does an Administration get someone to regulate Wall Street who hasn’t been on Wall Street? Are we ruling out everyone who has ever worked on the Street? This seems ludicrous.
I can’t wait to see whether Tammy and the other spineless wonders vote to gut the same Dodd-Frank Act by approving the budget bill, which includes a rider allowing the big banks to get back into derivatives again.