Schumer: Wall Street 'hatred' on left is 'counterproductive'

The “visceral hatred of Wall Street” from some liberals is “counterproductive,” according to Sen. Chuck SchumerCharles (Chuck) Ellis SchumerConscience protections for health-care providers should be standard Pension committee must deliver on retirement promise Dem super PAC launches ad defending Donnelly on taxes 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 just don’t attack Wall Street because they’re successful or rich,” he said.

“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 Ann WarrenFix the flaw in financial self-regulation Power struggle threatens to sink bank legislation Feinstein faces new pressure from left over CIA nominee 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 JohnsonTimothy (Tim) Peter JohnsonSenate GOP rejects Trump’s call to go big on gun legislation Court ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit MORE (D-S.D.), has announced his plans to retire at the end of his term in 2014.

Sen. Jack ReedJohn (Jack) Francis ReedOvernight Defense: Trump unveils new sanctions against Russia | Key Republicans back VA chief amid controversy | Trump gives boost to military 'space force' Top admiral: Don't be 'overly optimistic' about results of Trump-Kim summit Senate Dems concerned over lack of Mideast ambassadors as Syria war rages on 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 Milton LevinSen. Gillibrand, eyeing 2020 bid, rankles some Democrats The Hill's 12:30 Report Congress needs bipartisanship to fully investigate Russian influence 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 Mason ReidTrump presses GOP to change Senate rules Only thing Defense’s UFO probe proves is power of political favors Nevada Democrat accused of sexual harassment reconsiders retirement: report 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.”