Posted 1 year ago on May 16, 2013, 10:11 a.m. EST by factsrfun
from Phoenix, AZ
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Financial industry regulation
Then-congressman Schumer in 1987, in opposition to the repeal of the Glass–Steagall Act of 1933, wrote in a New York Times op-ed: Don't Let Banks Become Casinos, wrote “Citing the pressures of rigorous worldwide competition in financial services, large American banks are pleading for the repeal of the Glass–Steagall Act, a law that keeps banks out of the more volatile and risky world of securities transactions. Their entreaties should be resisted..."
Senator Schumer in 1999, in support of Congress’s repeal of the Glass–Steagall Act of 1933, commented: "There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive." The Securities and Investment industry is the largest donor to Schumer’s senatorial campaigns.
On December 14, 2008, the New York Times published an article on Schumer's role in the Wall Street meltdown. The article stated that Schumer embraced the industry’s free-market, deregulatory agenda more than any other Democrat in Congress, even backing measures now blamed for contributing to the financial crisis. Schumer took steps to protect industry players from government oversight and tougher rules, a review of his record shows. Over the years, he has also helped save financial institutions billions of dollars in higher taxes or fees. He succeeded in limiting efforts to regulate credit-rating agencies. This article also charged that Schumer blocked ratings agencies reforms proposed by the Bush Administration and the Cox SEC.
In his book released in March 2010, "No One Would Listen," Madoff whistleblower Harry Markopolos passes along an unsourced claim that Schumer called the SEC for information about the Madoff investigation.
Taxes on high incomes
Schumer had been a staunch defender of low taxes on hedge fund and private equity managers in the past, arguing that this was necessary to protect the industry. Serving on both the Senate Banking and Finance Committees, Schumer was in a position to block attempts to tax their financial gains at the rate other taxpayers pay for income. In 2010, however, Schumer suggested that a hedge-fund tax would be acceptable and not hurt the industry.
In February 2012, Schumer said that he disagreed with the Obama administration's call to raise taxes on those making more than $250 000 a year, calling for a million-dollar level instead. According to Schumer, "there are a lot of people who make above 250 who aren't rich."
Update: According to this story from The New Yorker the producers of Park Avenue: money, power and the American dream - Why Poverty? have been getting more heat from Schumer than from David Koch.