Lawmakers bow too frequently to a "new religion" of obedience to Wall Street's wishes, Rep. Brad Sherman (D-Calif.) said Monday.

Sherman decried colleagues' deference to large financial companies' interests, saying that assistance for big business is less driven by lobbyists than lawmakers' attitude toward the companies.

"It's tough to go up against Wall Street -- they almost always get what they want," Sherman said during an appearance on CNBC. "Not so much because of their lobbyists, but because they have created this new religion that involves genuflecting in the direction of Wall Street, and believing this idea that, 'Oh my God, if those institutions don't get what they want, we're all going to be fighting for rat meat in the streets.'"

Sherman led liberal Democrats' initial revolt against authorizing the Troubled Asset Relief Program (TARP) bailout program for large financial services providers.

A member of the House Financial Services Committee, he said that Congress should consider rules that would limit firms' liabilities to between one and two percent of Gross Domestic Product (GDP).

But Sherman blamed that "religion" for stymying any such legislation.

"They have created this ethos, and we've got to battle against it," he said.