New York Democratic Sen. Chuck Schumer threw some aggressive punches toward Federal Reserve Chairman Ben Bernanke during his semiannual monetary policy testimony before the Senate Banking Committee on Tuesday.
“The Fed is the only game in town,” Schumer told Bernanke. “You have to take whatever actions are necessary to ensure a strong recovery… Get to work, Mr. Chairman.”
Schumer likely had the interests of some financial heavy hitters in mind when he made the demand. According to the nonpartisan Center for Responsive Politics, Schumer’s top campaign donors are all large financial institutions, with Goldman Sachs topping the list.
Schumer has received $509,540 from Goldman Sachs since the start of his career in 1989. The next highest donor, Citigroup, has given $440,416, followed by Morgan Stanley with $328,146 and JP Morgan with $313,000.
Widely known as an “incorrigible publicity hound,” Schumer has often utilized the media to gain national notoriety and constituent support even as he fights for these big-pocketed supporters.
The Democrat was one of the first to support a Wall Street bailout in 2008 and spent hours in closed-door meetings to ensure the $700 billion rescue plan. He has been known to support legislation favorable to the financial sector and credit-rating agencies, often bucking his own party in the process.
Schumer even scheduled and attended an exclusive dinner last month with a group often maligned by Democrats: Wall Street executives and hedge fund managers.
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