The “visceral hatred of Wall Street” from some liberals is “counterproductive,” according to Sen. Chuck SchumerCharles SchumerFive fights for Trump’s first year So what if banks push fancy cards? Give consumers the steak they want Ted Cruz: Warren could beat Trump in 2020 MORE (D-N.Y.).
In an interview with The New Republic, Schumer said he tried to strike a “careful balance” in dealing with the financial sector, which has come under heavy fire since the recession but remains big business in his home state.
He contended that the industry is not the exclusive home of high-priced traders, but create jobs for lots of “average folks.”
“You don’t want to go after them for the sake of going after them. The left-wing blogs want you to be completely and always anti-Wall Street. It’s not the right way to be,” he added.
In the interview, Schumer’s take on Wall Street was compared to that of noted big bank critic Sen. Elizabeth WarrenElizabeth WarrenWarren builds her brand with 2020 down the road Warren: Trump 'all talk' on Wall Street Dem senators ask Bannon for more info about Breitbart contact MORE (D-Mass.). The freshman senator, who Schumer helped recruit, has become a favorite on the left primarily due to her harsh stance on the financial sector.
Schumer did not accuse Warren of turning Wall Street into villains, but instead said elements of the “far left” were pushing it too far.
“I’m not saying Elizabeth does this, but there are some on the far left who just have a visceral hatred of Wall Street. It’s counterproductive,” he said.
The No. 3 Democrat in the Senate could serve as the next chairman of the Senate Banking Committee. The current head, Sen. Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.), has announced his plans to retire at the end of his term in 2014.
Sen. Jack ReedJack ReedSunday shows preview: McMaster hits circuit for second straight week The Hill's 12:30 Report Easy accessibility of voter registration data imperils American safety MORE (D-R.I.), the only Democrat with more seniority on the panel than Schumer, is in line to take over the Senate Armed Services Committee following the retirement of Sen. Carl LevinCarl LevinFor the sake of American taxpayers, companies must pay their fair share What the Iran-Contra investigation can teach us about Russia probe Senate about to enter 'nuclear option' death spiral MORE (D-Mich.).
Schumer has yet to indicate publicly if he wants the Banking gavel, and many have speculated he could be eyeing a run at Senate Majority Leader if Sen. Harry ReidHarry ReidWarren builds her brand with 2020 down the road 'Tuesday Group' turncoats must use recess to regroup on ObamaCare Dem senator says his party will restore 60-vote Supreme Court filibuster MORE (D-Nev.) retires in 2016.
For his part, Schumer said he gets Wall Street criticism from both sides, and thinks he has struck a good middle ground.
“It’s sort of funny. People on Wall Street think I haven’t done enough for them, and people on the left think I’ve done too much for Wall Street,” he said. “On this one, I go by my internal gyroscope, and I’m pretty happy about where I’ve come down.”