Big banks aren’t worried that Sen. Bernie Sanders’s (I-VT) bill to break up massive Wall Street banks will pass, they are worried that Sanders will push presidential candidate, and Wall Street partner, Hillary Clinton to be tougher on banks, reported The Hill.
Last week, Sanders introduced a bill that will break up the Wall Street banks. Now, Sanders isn’t a stupid man, he knows that the bill will stall in the Republican-controlled Congress. A banking lobbyist said “the prospects of it becoming law are nil.” While the bill is considered dead-on-arrival, it has reignited a conversation about the fear that Wall Street has for Bernie Sanders and the relative comfort it feels for Hillary Clinton.
Countless people have speculated that Sanders is important to the Democratic race because he will keep Hillary Clinton honest about her position on bank reform. We already know she’s a Wall Street shill, but we’re still wondering if Sanders will affect her. Sanders’s running will bring out the far-left, populist wing of the Democratic constituency and Hillary will have to answer to them also.
That’s what has Wall Street nervous. The same banking lobbyist who spoke about the Sanders bill also said “but we care about whether this impacts Hillary and whether she’ll try to pander to the far left.”
The Hill noted that “Sander’s ability to activate progressive outside groups could mean he may be able to move Clinton to the left – even if, as conventional wisdom says, he poses no real threat to the former secretary of state’s eventual nomination.”
Basically, that means, win or lose, Sanders will play a pivotal role in the upcoming race for the Democratic nomination. Sanders doesn’t have the money or the vast network that Clinton does, but he’s loud, smart, and viciously supported. He will undoubtedly will influence the narrative of the Democratic conversation.
Within the Democratic party, the effect Sanders may have on Hillary is equally important to fellow lawmakers. Regarding Sanders’s legislation, politicians in Washington have taken notice from where the most opposition is coming, which are top banking executives, said Rep. Brad Sherman (D-CA).
“This isn’t about an election cycle,” said Sherman. “I am much more interested in what Hillary Clinton does as president in office than in a campaign. Campaigns are fun but governing is what matters.”
That statement is half-right. If Hillary swings to the left and wins the populist constituency, she will be expected to please those constituents. However, money has a strong allure, and it’s very possible that she could play the progressive card to win and then go right back to her old ways, at her own risk.
