Democrats challenge Wall Street as they try to return to the White House

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UNITED STATES (VOP TODAY NEWS) — The Democrats are not hesitating to challenge Wall Street giants, announcing the launch of a new era, hoping to defuse the anger that has gripped some constituents since the crisis. Finance in 2008.

A congressional committee called for the first time since the crisis, the heads of the boards of major US banks to perform a division together on Wednesday.

The scene was an important indicator of the recent majority change in the House of Representatives, which the Democrats regained control of in January after Republicans seized a majority of seats for eight years.

Maxine Waters, the first woman and the first black person to lead the influential House Committee on Money, called the change “the beginning of a new era.”

Wells Fargo, former general manager of Wells Fargo, testified during a heated interrogation session before the commission last month.

This time, the leaders of seven major US banks – Citigroup, JPMorgan Chase & Co., Morgan Stanley, Bank of America, State Street Corporation, BNY Mellon, Goldman Sachs.

At the height of the crisis when the entire global financial system was threatened, Maxin Waters ran into heated debates with some of these financial leaders.

Now the hearing has focused more on the social impact of Wall Street than on financial stability.

“You, the leaders of the universe, have enough intelligence and a sense of creativity” to ease the debt burden on millions of American students, Maxine Waters said.

Democrats in her committee blamed the gap between these managers, all wealthy white men, and the rest of society, while a Republican official said the hearing was solely to “raise media attention.”

During the meeting, Citigroup chairman Michael Corbett said: “If he were a regular employee at the bank with a salary 500 times less than his current salary, he would have had the hope of” taking advantage of the opportunity to progress. ”

“This is why people living in a shell and an ivory tower can not understand the anger outside, especially in the millennial generation,” said Nidia Velazquez, a Democrat.

– counterattack –

Democrats are counting on this growing anger despite strong economic growth and weak unemployment. They will not only try to keep most of them in the House of Representatives in 2020, they will also seek to win the majority in the Senate and even return to the White House.

Wall Street and the heads of major companies have an important position in many Democratic presidential primaries in preparation for the presidential election, led by Senators Bernie Sanders and Elizabeth Warren.

Socialist Bernie Sanders pledged that “our campaign aims to combat the major interest groups that dominate our political and economic life.”

This anti-Wall Street member was at the end of last year with a bill aimed at “smashing the country’s largest banks.”

Elizabeth Warren, known for her massive involvement a decade ago in reforms and rescue plans after the financial crisis, has made Wall Street restrained as one of her main battles.

It has provided a series of detailed promises, including dismantling giants of technology companies, raising taxes on giant companies and tightening financial constraints.

Elizabeth Warren also expressed her delight at the return of her Democratic colleagues to their offensive position in financial affairs.

“The Republicans have tried as much as possible to reduce the control of the big banks, and here the Democrats are counter-attacking,” she told AFP.

She pointed out that banks “are now greater than ever and restored their old habits by trying to hide the danger in their financial results.”

“That way we got into the chaos of 2008 that almost came to the global economy and that’s why they have to be subject to greater restrictions today,” she said.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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