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 SchumerOvernight Health Care — Presented by the Association of American Medical Colleges — Trump officials move to expand non-ObamaCare health plans | 'Zero tolerance' policy stirs fears in health community | New ObamaCare repeal plan Selling government assets would be a responsible move in infrastructure deal Ignore the naysayers trying to disrupt US diplomacy with North Korea 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.”

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“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 WarrenWarren on family separation policy: Trump is ‘taking America to a dark and ugly place’ Overnight Defense: States pull National Guard troops over family separation policy | Senators question pick for Afghan commander | US leaves UN Human Rights Council On The Money — Sponsored by Prudential — Markets roiled by Trump's new tariff threat | Trump lashes out at Canada over trade | Warren looks to block Trump pick for consumer agency 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: States pull National Guard troops over family separation policy | Senators question pick for Afghan commander | US leaves UN Human Rights Council Senators question Afghanistan commander nominee on turning around 17-year war Reed: ‘Preposterous’ for Trump to say North Korea is no longer a nuclear threat 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 LevinHow House Republicans scrambled the Russia probe Congress dangerously wields its oversight power in Russia probe The Hill's Morning Report — Sponsored by CVS Health — Trump’s love-hate relationship with the Senate 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 ReidAmendments fuel resentments within Senate GOP Donald Trump is delivering on his promises and voters are noticing Danny Tarkanian wins Nevada GOP congressional primary 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.”