For all its demagoguery about Wall Street, the Obama administration hasn’t been shy about tapping Wall Street talent to fill the ranks of his administration. Now, some Democrats are claiming to have had enough over “Obama’s nomination of Antonio Weiss to serve as the Treasury Department’s top domestic finance official”.
Sens. Elizabeth Warren (D-Mass.) even took to the Huffington Post a week or so ago to say, Enough is Enough.
It’s time for the Obama administration to loosen the hold that Wall Street banks have over economic policy making. Sure, big banks are important, but running this economy for American families is a lot more important.
Among others, Bernie Sanders (I-Vt.) has been openly critical, as well. The Hill offers a thorough run down of other top Obama officials from Wall Street.
Mary Jo White: Chairman, Securities and Exchange Commission – One of Wall Street’s top cops reaped plaudits on her way to a unanimous Senate confirmation to lead the SEC back in 2013.
Jack Lew: Treasury Secretary – Treasury Secretary Jack Lew has been a near-constant presence in Washington dating back to the Clinton administration. He has filled several roles under Obama, including chief of staff and director of the Office of Management and Budget.
Stanley Fischer: Vice Chair, Federal Reserve – While the Federal Reserve is not officially part of the administration, Obama did nominate Fischer to serve as the central bank’s vice chair. Even before being nominated, Fischer was renowned as a monetary policy expert, having previously taught former Fed Chairman Ben Bernanke, and serving as head of Israel’s central bank.
Michael Froman: U.S. Trade Representative – The president’s top trade representative was another Citigroup alum tapped to take a key administration post. A longtime Treasury Department official, Froman spent several years at the bank, leading its insurance operations and other investment branches.
Gary Gensler: former chairman, Commodity Futures Trading Commission – The former head of the derivatives regulator had an extensive Wall Street resume before joining the Obama administration. Gensler made partner at Goldman Sachs when he was 30, and spent nearly two decades at the financial giant before taking a job in President Clinton’s Treasury Department.