Sen. Elizabeth Warren knows that calling out her fellow Democrats over their support of a financial deregulation bill doesn’t make her “the most popular kid on the team.” However, the Massachusetts senator says her job isn’t to support a political party.
“That’s not why I ran for the Senate,” Warren wrote in a Medium post Thursday. “The people of Massachusetts didn’t send me here to fight for big banks. They sent me here to fight for them.”
A longtime populist Wall Street critic, Warren has launched a weeklong crusade against a bipartisan Senate bill that rolls back oversight laws from the 2010 Dodd-Frank financial reform act. On social media, she even name-checked the 16 Senate Democrats who voted this week to move forward on the bill, a move which was criticized by some members of her own party.
I have to call it like I see it. And the truth is the #BankLobbyistAct is a giant gift to the big banks that could put us on track for another financial crash and hurt America’s working families.
— Elizabeth Warren (@SenWarren) March 8, 2018
Former Rep. Barney Frank, the Massachusetts Democrat who co-wrote Dodd-Frank, told The Boston Globe on Wednesday that — even though he also opposes the current Senate bill — he thought Warren’s decision to call out fellow Democrats was a “mistake” and hurt the party’s chance in the coming elections. Warren, who simultaneously announced Wednesday that she was donating money from her own campaign account to every Democratic state party in the country, shot back in a statement to the Globe that she wasn’t elected to “stand up for a political party.”
In her post Thursday, Warren pointed out that she too has worked with Republicans in the past — when it’s in the interest of holding the financial industry accountable. But she called the current bill a “dangerous proposal” that increases the risk of future bailouts:
“Senate Republicans voted unanimously for it — but the bill wouldn’t be on track to becoming the law without the support of more than a dozen Senate Democrats.
That’s just the truth. But since I called out some of my Democratic colleagues for their support, I’ve been taking heat from fellow Democrats. I get it — no one likes to be criticized, let alone by someone on their team. And let’s be totally clear: I agree with my Democratic colleagues a heck of a lot more than I agree with my Republican ones.”
However, Warren noted that there’s a “long history” of both parties supporting measures that resulted in economic catastrophe, from the most recent financial collapse a decade ago to the savings and loans crisis in the 1980s.
“And now, with help from some Democrats, it’s on track to happen again,” she said, referring the the Senate’s deregulation bill.
Read Warren’s full post over on Medium.