Bye Bye Stock Market, Ocasio-Cortez Set To Oversee Wall Street

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It appears that Democrats want to murder the economy.

That can be the only logical explanation as to why they are reportedly considering adding New York Rep. Alexandria Ocasio-Cortez to the House Financial Services Committee.

There is no way that that could be seen as a positive by Wall Street as Politico reported.


Rep. Alexandria Ocasio-Cortez is poised to win a seat on the powerful House Financial Services Committee, in what would be a victory for progressives fighting to curb Wall Street’s clout in Washington and inside the Democratic Party itself.

The assignment, which lawmakers say they expect her to receive, would pit the 29-year-old New Yorker not only against banks that make up a major local industry but also potentially against business-friendly Democrats who have backed financial deregulation.

Some moderate Democrats have privately raised concerns that they’ll be targeted by the former bartender-turned-progressive icon, whose willingness to challenge her party’s establishment propelled her to Congress and the national spotlight.

Committee Democrats see great potential, but some are wary because of the pressure she will face to lead a crusade against corporate interests, even if it means taking a hard line with fellow lawmakers.


“I don’t know enough about her to be able to determine if she’s going to be a good member or what,” said Rep. Lacy Clay (D-Mo.), a senior Financial Services Committee lawmaker who survived an Ocasio-Cortez-backed primary challenge last year. “Time will tell, and this one term will tell us a lot about her abilities as a legislator.”

Do Democrats want to destroy the economy?

Ocasio-Cortez, who identifies as a democratic socialist, has criticized Democrats for supporting deregulation. She has also shunned corporate campaign donations — traditionally a big draw for lawmakers to join the Financial Services Committee.

“This is why I am running for Congress,” Ocasio-Cortez said after the House passed a sweeping set of banking rollbacks in June 2017. “Because we cannot stand idly as big banks gut every last protection working families have left.”

It’s a fight that many of her supporters want her to lead. But it’s also one that could pose a dilemma for new Financial Services Chairwoman Maxine Waters (D-Calif.) as she tries to keep Democrats aligned on committee business. Waters, another liberal idol dubbed “Auntie Maxine” in the Trump era, has also clashed with moderates on the committee and could benefit from an injection of progressives more aligned with her own views. But she’ll need to forge some degree of unity to pass legislation.

House assignments have not been finalized but Democrats told POLITICO that Ocasio-Cortez has a strong chance of landing on the sprawling Financial Services Committee, which may have up to 60 members again this Congress.

Some Democrats on the panel, including moderates, have already tried to start building relationships with the new lawmaker known as “AOC.”

Rep. Gregory Meeks, who represents New York on the House panel that makes committee assignments, said he planned to recommend Ocasio-Cortez for the spot after she requested it.

He’s a member of the New Democrat Coalition, which consists of centrist Democrats and has several on the Financial Services Committee.

Meeks, who represents Queens, hasn’t been shy about his position that when Wall Street does well, so do his constituents. He also says he wants to be a bridge-builder between the finance industry and consumer advocates.

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