By Peter Schroeder - 12/03/13 12:54 PM EST
The “visceral hatred of Wall Street” from some liberals is “counterproductive,” according to Sen. Chuck SchumerCharles SchumerThe Trail 2016: Unity at last This week: Congress eyes the exits in dash to recess Former Gillibrand aide wins NY House primary 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 to go on attack for Clinton Sanders wanted Elizabeth Warren as Clinton's VP Warren hammers Trump at Latino event 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 JohnsonFormer GOP senator endorses Clinton after Orlando shooting Housing groups argue Freddie Mac's loss should spur finance reform On Wall Street, Dem shake-up puts party at crossroads MORE (D-S.D.), has announced his plans to retire at the end of his term in 2014.
Sen. Jack ReedJack ReedDems to GOP: Admit Trump is 'unfit' to be president Armed Services leaders encouraged after first conference meeting US urges China to be calm in wake of South China Sea ruling 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 LevinAs other regulators move past implementing Dodd-Frank, the SEC falls further behind Will partisan politics infect the Supreme Court? Fight for taxpayers draws fire 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 ReidSuper-PAC targets Portman on trade Dem leader urges compromise on FCC set-top box plan Senate Dems introduce Iran sanctions extension 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.”