Senator Elizabeth Warren’s populist wing of the Democratic party has shown its clout by derailing the White House’s attempt to appoint a Lazard banker to a senior US Treasury post.
The nomination of Antonio Weiss, global head of investment banking at Lazard, had been opposed by Senator Warren who viewed him as a symbol of Wall Street’s unwanted influence over government and criticised him for lacking relevant experience.
Some liberal groups remained unhappy that Mr Weiss would become a counsellor to Mr Lew. Dennis Kelleher, president of Better Markets, a non-profit group that promotes the public interest in financial markets, said: “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. 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.”
Read the full Financial Times article by Barney Jopson, Gina Chon, and Tom Braithwaite here.