31 October 2020
The American {Prospect|Possibility} is {a nonprofit|a not-for-profit}, independent {magazine|publication} covering {public policy|public law} and politics. Sludge is re-publishing this {article|short article|post}.
Throughout the 2020 election cycle, even going back to the Democratic primaries, Wall Street {has|has actually} {been able to|had the ability to} {hide|conceal} {unnoticed|undetected} in the policy {discussion|conversation}. {Despite|In spite of|Regardless of} that, the {financial|monetary} {industry|market} {could|might} suffer {a major|a significant} blow to its fortunes if {one of|among} the most {reliably|dependably} pro-bank members of Congress loses what {has|has actually} {become|ended up being} a close election.
Rep. Ann Wagner (R-MO), a four-term congresswoman and a senior member of {the House|your home|your house} Financial {Services|Solutions|Providers} Committee, {finds|discovers} herself in a toss-up contest{against|versus} Democratic state Sen. Jill Schupp. Missouri’s {2nd|second} Congressional district, {made up|comprised} of the {southern and western|western and southern} {suburbs|suburban areas|residential areas} of St. Louis, is the {kind of|type of|sort of} seat where Democrats have {made up|comprised} {significant|considerable|substantial} ground onin the Trump {era|age|period}. Wagner took {only|just} 51.2 percent of the vote here in 2018, after winning 64.1 percent {just|simply} {four|4} years {earlier|previously}. Schupp, who wins the award for the most {creative|innovative|imaginative} {use|usage} of a Salt-N-Pepa {song|tune}, {could|might} break through next week.
That would be bad news for banks, stockbrokers, payday {lenders|loan providers|lending institutions}, and {essentially|basically} {anyone|anybody} in America who {manages|handles} {money|cash}. {Despite|In spite of|Regardless of} representing a district {roughly|approximately} 874 milesfrom Wall Street, Wagner {may|might} be the {financial|monetary} {industry|market}’s {biggest|most significant|greatest} {champion|champ} in Washington. According to a 2019 tally of the recordfrom Americans for Financial Reform, Wagner {voted for|elected|chose} {every single|every|each and every single} deregulation {measure|step|procedure} that {came up|turned up|showed up} either in the Financial {Services|Solutions|Providers} Committee or {the House|your home|your house} {floor|flooring}.
The race {has|has actually} {seemingly|relatively|apparently} not {turned on|switched on} Wagner’s fervid {support|assistance} for Wall Street.
“She’s the worst on {everything|whatever},” {says|states} Bartlett Naylor, {a financial|a monetary} policy {advocate|supporter} with Public {Citizen|Resident|Person}’s Congress Watch. “Where others {are reading|read} the talking points, she’s a full-throated shill on every {issue|problem|concern}.”
Wagner hasn’t {just|simply} {built|developed|constructed} a deregulatory {voting|ballot} record in Congress; she’s been a leader in making America safe for {financial|monetary} predators. In 2015, she {wrote|composed} the legislationthat would have stopped the Department of Labor’s “fiduciary {rule|guideline}.” The {rule|guideline} mandated that {investment|financial investment} {advisors|consultants} act in {the best|the very best} interest of their {clients|customers}. Wagner’s “Retail {Investor|Financier} {Protection|Security|Defense} Act” would have {eliminated|gotten rid of|removed} {the best|the very best} interest {rule|guideline}, {freeing|releasing} {advisors|consultants} to {recommend|suggest|advise} {financial|monetary} {products|items} {based on|based upon} how it {inflates|pumps up} the {corporate|business} bottom line {rather than|instead of} how it {helps|assists} the {client|customer} {saving|conserving} for retirement. Following Wagner’s lead, President Trump {delayed|postponed}{and then|and after that} {killed|eliminated} the fiduciary {rule|guideline}, {leading to|resulting in|causing} {increases|boosts} in dodgy salesof predatory {financial|monetary} {products|items}.
“What you see here in {particular|specific} is {a consistent|a constant} record of lining up to do the bidding of {an industry|a market} that {regularly|routinely|frequently} {rips off|swindles|dupes} {ordinary|regular|common|normal} Americans {saving|conserving} for retirement,” {says|states} Carter Dougherty of Americans for Financial Reform about Wagner.
Wagner {became|ended up being} the chair of the Financial {Services|Solutions|Providers} Committee’s oversight subcommittee in 2017 ({complete|total} with a {bizarre|strange|unusual} {introductory|initial} video), and set to work {trying|attempting} to oust the then-director of the {Consumer|Customer} Financial {Protection|Security|Defense} Bureau, Richard Cordray. In a 2017 hearing, Wagner {tried|attempted} to get Cordray to {read|check out} a binder of {documents|files}{regarding|concerning|relating to} Wells Fargo’s {fake|phony} accounts scandal. At the time, {House|Home} Republicans were {trying|attempting} to paint Cordray and CFPB as late to {investigate|examine} Wells Fargo, as a pretext to get Trump to fire him for cause. {House|Home} Democrats did not {receive|get} copies of the {documents|files} that Wagner was {using|utilizing} to {badger|pester} Cordray.
Sludge is {reader-supported and ad-free|ad-free and reader-supported}. If you {appreciate|value} our independent journalism, {Become|End up being} a member today. Wagner is supported
St. Louis {houses|homes} {significant|considerable|substantial} operations for {investment|financial investment} bank Stifel, {financial|monetary} {advisor|consultant} Jones Financial Companies, and the {aforementioned|previously mentioned|abovementioned} Wells Fargo. The only political {candidate|prospect} {receiving|getting} more {money|cash} from Stifel {employees|workers|staff members} in 2020 than Wagner is Donald Trump; Jones Financial Companies is Wagner’s {biggest|most significant|greatest} {contributor|factor} this election cycle. Other {major|significant} {contributors|factors}, in {terms of|regards to} {individual|private|specific} and PAC {donations|contributions}, {include|consist of} {financial|monetary} {companies|business} Charles Schwab, Northwestern Mutual, and Wells Fargo.” {Everyone|Everybody} gets onto the banking committee to raise {money|cash},”{says|states} Naylor.”She’s been so unembarrassedby it.” The race {has|has actually} {seemingly|relatively|apparently} not {turned on|switched on} Wagner’s fervid {support|assistance} for Wall Street. {Debates|Arguments|Disputes} {between|in between} Wagner and Schupp {have|have actually} focused more on {high-profile|prominent} {issues|problems|concerns} like {health care|healthcare}, policing, and {of course|obviously|naturally}
the pandemic. {{But|However} even if Wall Street isn’t {a topic|a subject} in this {House|Home} race, it’s been {a significant|a considerable|a substantial} source of
one {candidate|prospect}’s {funding|financing}.|Even if Wall Street isn’t {a topic|a subject} in this {House|Home} race, it’s been {a significant|a considerable|a substantial} source of
one candidate{‘s|Prospect} funding{.|Financing}} {The whole|The entire} point of {joining|signing up with} the Financial {Services|Solutions|Providers} Committee is to raise enough of {a big|a huge} {money|cash} war chest as to make yourself impregnable, {immune to|unsusceptible to} any re-election stumble. That {has|has actually} not {happened|occurred|taken place} for Wagner, as ideological {sentiment|belief} in her district {has|has actually} {obviously|certainly|undoubtedly|clearly} put her at {risk|danger|threat}. Schupp {actually|really|in fact} outraised Wagner in the {second|2nd} quarter of 2020, and {has|has actually} been competitive with Wagner throughout the race, {despite|in spite of|regardless of} the Wall Street {money|cash} cannon. {Outside|Outdoors} groups on both sides {have|have actually} {spent|invested} over $10 million on the contest, with the National {Republican|Republican Politician} Congressional
Committee {adding|including} another $700,000 for the {final|last} week. {Polling|Ballot} {has|has actually} been {essentially|basically} dead even. If Wagner can {build up|develop} the {kind of|type of|sort of} warchest she {has|has actually} {built|developed|constructed}by {catering to|accommodating|dealing with} Wall Street’s {wishes|desires|dreams} and stilllose, it {could|might} {signal|indicate|signify} thatthe big-money {strategy|technique|method} is no longer {sufficient|adequate|enough} to {assure|guarantee|ensure} {victory|success|triumph}.”That would be {nice|good|great} if that was the lesson, “{says|states} Naylor.” If would be {wonderful|fantastic|terrific} if members of Congress {could|might} wean themselves from banking {money|cash}.”{Read more|Learn more|Find out more} from Sludge: Every day, the {reporters|press reporters} at Sludge are {relentlessly|non-stop} following {the money|the cash} to {reveal|expose} the {hidden|covert|concealed|surprise} networks and {conflicts|disputes} of interest that drive political corruption. We are 100%ad-free and reader supported, so we’re {counting on|relying on|depending on} our readers to {help|assist} us continue calling out {powerful|effective} {politicians|political leaders} and lobbyists.
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