Shaheen Joins Democrats Opposed to Weiss for Treasury, Aide Says
Senator Jeanne Shaheen will oppose Antonio Weiss to be undersecretary of the U.S. Treasury, her spokesman said today, joining Democrats lining up against the nomination of the Wall Street banker.
Shaheen, of New Hampshire, is concerned about Weisss work on tax inversions, in which a U.S.-based firm moves its legal headquarters to a lower-tax country, Shripal Shah, her spokesman, said today in an e-mail response to a question.
Democrats including Senator Elizabeth Warren of Massachusetts and Richard Durbin of Illinois, the chambers second-ranking Democrat, have said they too will oppose Weiss, global head of Lazard Ltd. (LAZ)s investment banking unit who has worked on international mergers and acquisitions.
As undersecretary for domestic finance, Weiss would coordinate policies on banking, capital markets and regulation. The undersecretary also works on implementation of the Dodd-Frank financial law. One of the jobs main responsibilities is managing the issuance of the nations debt.
In a speech yesterday, Warren challenged Weisss credentials, saying a well-oiled revolving door between Wall Street and its regulators favors banks interests at the expense of consumers. She criticized President Barack Obama for nominating an executive who has worked on corporate tax-inversion deals, which the administration is attempting to curb.
Warren said his selection would perpetuate close ties between the government and banks. She cited figures showing the amount of time and money Goldman Sachs Group Inc., JPMorgan Chase & Co. and other financial companies spend trying to influence regulators in Washington.
To contact the reporter on this story: Steve Geimann in Washington at sgeimann@bloomberg.net
To contact the editors responsible for this story: Jodi Schneider at jschneider50@bloomberg.net Steve Geimann, Elizabeth Wasserman
Press spacebar to pause and continue. Press esc to stop.
Originally posted here:
Shaheen Joins Democrats Opposed to Weiss for Treasury, Aide Says