Bernie Sanders to oppose Lew nomination at Treasury

By Bernie Becker - 01/10/13 03:28 PM ET

Sen. Bernie Sanders (I-Vt.) announced Thursday that he would oppose Jack Lew’s nomination for Treasury secretary, saying President Obama’s choice was too cozy with Wall Street.

Sanders, who caucuses with Senate Democrats, said in a statement that he was “extremely concerned that virtually all” of Obama’s economic team had ties to Wall Street, and that he didn’t believe Lew would fight to save key programs like Medicaid, Medicare and Social Security.

The Vermont senator, who voted against Lew’s nomination to head the Office of Management and Budget in 2010, is so far the only member of the Democratic caucus to announce he would oppose Obama's pick.

“In my view, we need a Treasury secretary who is prepared to stand up to corporate America and their powerful lobbyists and fight for policies that protect the working families in our country,” Sanders said. “I do not believe Mr. Lew is that person.”

By and large, Democratic senators have embraced Lew’s nomination, and liberal groups have offered support. House Minority Leader Nancy Pelosi (D-Calif.) also offered praise for Lew on Thursday.

Democrats, who control 55 seats in the Senate, expect Lew will win confirmation in the Senate. Some top Republicans, like Sen. Jeff Sessions (Ala.), have already announced they will oppose Lew, while most have said they are reserving judgment for now.

In his statement, Sanders also called out Lew — and, by extension, the Obama administration — for backing a corporate tax overhaul that would not raise fresh revenues, and for backing trade deals that the Vermont senator said had hurt the U.S. job market.

Sanders voted against Lew’s OMB nomination in 2010 after the Treasury nominee, who spent several years at Citigroup in New York, said he did not believe that Wall Street deregulation was the major cause of the 2008 financial crisis.

The Vermont Independent reiterated those concerns on Thursday, and also said the U.S. needed a Treasury secretary who will tear down too-big-to-fail banks.

But at the same time, Sanders stressed that he thinks Lew will be confirmed in spite of his opposition. Sanders famously attacked the 2010 lame-duck tax deal for some eight hours on the Senate floor, but his office told The Hill on Thursday that there were no plans to filibuster Lew’s nomination.