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January 29, 2015

Fiercely opposed by Warren, Treasury pick withdraws

WASHINGTON — A Wall Street executive whose nomination to a high-level Treasury Department post triggered a showdown between the White House and Senator Elizabeth Warren publicly withdrew his name from contention Monday, giving her a major political victory.
The liberal Massachusetts lawmaker last year defied the White House and launched a bare-knuckle attack against Antonio Weiss, an investment banker President Obama nominated for undersecretary for domestic finance. The battle was seen as a crucial test for the Democratic Party’s liberal wing, which has rallied around Warren’s populist, anti-Wall Street rhetoric.
Some were still itching for a fight.
“The country would have benefited from an open, public debate about the Wall Street-centric view that what is good for Wall Street is really good for America,” said Dennis Kelleher, chief executive of Better Markets, a nonprofit that advocates for a safer and more transparent financial system, in a statement.
“Avoiding the public Senate confirmation process but nevertheless installing Mr. Weiss in a very senior position at the Treasury Department is unfortunate for the American people.”
Read the full Boston Globe article by Jessica Meyers here.
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