Four major banks are threatening to withhold campaign donations to Senate Democrats in anger over Sen. Elizabeth WarrenElizabeth WarrenThe Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee Senators war over Wall Street during hearing for Trump's SEC pick Senators demand Pentagon action after nude photo scandal MORE's (D-Mass.) attacks on Wall Street.
Representatives from financial powerhouses Citigroup, JPMorgan, Goldman Sachs and Bank of America recently met in Washington and discussed the growing hostility towards big business within the Democratic ranks, according to a Reuters report Friday.
Bank officials cited Warren and Senate Banking Committee ranking member Sherrod BrownSherrod BrownThe Hill’s Whip List: Where Dems stand on Trump’s Supreme Court nominee Senators war over Wall Street during hearing for Trump's SEC pick Sanders to oppose Gorsuch's nomination MORE (Ohio) as the two main lawmakers leading the charge against them. But the banks have not agreed on how to respond together, with each firm making its own decision on donations, Reuters reported.
Citigroup representatives said their firm is already withholding donations to the Democratic Senatorial Campaign Committee (DSCC) to avoid boosting Warren and other progressives critical of Wall Street.
JPMorgan, meanwhile, has so far given Democrats only a third of its annual contribution. Sources there said company representatives have urged Democrats to soften their attacks on the financial sector. The bank has typically donated one lump sum in past years.
Goldman has already donated the maximum amount in 2015. Sources said it discussed its concerns with other banks but has no plans currently to withhold future funds.
Bank of America representatives said their company has not made any donations yet. It is still deciding what it will do this election cycle, they added.
The backlash over Warren comes as many Democrats are pushing her toward a 2016 White House bid. The Boston Globe on Sunday urged the former Harvard professor to run in a glowing editorial.
Warren has repeatedly said she will not seek the presidency in 2016. But her attacks on Wall Street have made her popular with progressives, a sign many voters have not forgotten the 2008 financial crisis.
Former Secretary of State Hillary ClintonHillary Rodham ClintonDem rep: 'We must pause the entire Trump agenda' until Russia investigation complete New England Patriots to visit White House on April 19 More than ever, Justice must demand a special prosecutor for Trump-Russia probe MORE, who is preparing to enter the race, is the Democrats' clear front-runner.
Reuters noted that the four banks are only focused on donations to Democratic Senate campaigns, not to presidential contenders.