The bitter feud between Sen. Elizabeth Warren and Wall Street is spilling into Democrats’ efforts to take back the Senate next year.
Some finance executives have recently told Senate Minority Leader Chuck Schumer that they are, for the moment, holding back from donating to Democrats running for Senate in 2020 due to their concerns with Warren becoming a frontrunner in the race for the party’s presidential nomination, according to people familiar with the conversations. These people spoke on the condition of anonymity due to the private nature of the talks.
The move is intended to put pressure on party leadership and Schumer, who represents New York and has received millions of dollars in donations from Wall Street, to distance themselves from Warren’s economic populism.
“They feel, rightly or wrongly, attacked. Not just that there will be higher taxes, but that she is running her entire campaign as them being boogeymen,” said a political advisor familiar with the deliberations. “They don’t feel safe going to Trump, they feel disillusioned by Biden and they see this as a tactic to slow her down.They see it as a way to put pressure on the party as a whole to move away from Warren.”
This person did admit, however, that the financiers are playing right into Warren’s messaging against wealthy donors influencing politics by stonewalling Schumer on donations.