‘BANK’ ON SCRUTINY, SEZ OCAZ
Bronx frosh in D.C. on key oversight panel
Rep. Alexandria Ocasio-Cortez promised to bring a little Boogie Down to Wall Street on Wednesday, firing a warning shot at the big banks after securing a seat on the House Financial Services Committee.
“Personally, I'm looking forward to digging into the student loan crisis, examining for-profit prisons/ICE detention, and exploring the development of public & postal banking. To start,” the freshman congresswoman tweeted.
The panel, chaired by fellow progressive Rep. Maxine Waters (D-Calif.), oversees the financial services industry and has the power to pry into President Trump's past finances.
“Financial Services is one of just four exclusive committees in the House. It oversees big banks, lending, & the financial sector. I am very grateful for the opportunity to sit on this committee as a freshman, and look forward to working under the leadership of @RepMaxineWaters!” Ocasio-Cortez wrote.
The 29-year-old Bronx-born Democrat said late last year she would seek a post on the panel, which wields significant influence over Washington's deep ties to Wall Street and oversees large lenders like governmentsponsored enterprises, including Fannie Mae and Freddie Mac.
Members are also expected to lead several investigations into the President's personal finances, along with potential connections between his businesses and Russian oligarchs.
Waters has said she will lead the committee in examining “the relationship of this bank to the finances of the President and his family.”
The panel will also look at “whether or not the Treasury Department is carrying on its responsibility with overseeing the sanctions that have been performed on the Russian government,” she told the Los Angeles Tribune editorial board.
Progressive groups, such as Justice Democrats, which has deep ties to Ocasio-Cortez's campaign, were pushing for the Democratic Socialist to be placed on the Ways and Means committee, which is the taxwriting arm of the House.
Former Democratic Rep. Joseph Crowley, whom OcasioCortez unseated, served on that panel. But the seat went to Long Island Rep. Thomas Suozzi.
Ocasio-Cortez has drawn the ire of Republicans and sparked headlines by suggesting tax rates as high as 70% on income above $10 million to finance the “Green New Deal,” which would wean the U.S. off of fossil fuels and provide funds for other progressive platforms.
Former Republican Gov. Scott Walker of Wisconsin attacked Ocasio-Cortez's progressive plans on Twitter this week, writing about explaining pre-Ronald Reagan tax rates to fifth-graders.
“Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you.' The students said: 'That's not fair!' Even 5th graders get it.” he tweeted.
Ocasio-Cortez, known for her social media savvy, quickly countered.
“Explaining marginal tax rates to a far-right former Governor: Imagine if you did chores for abuela & she gave you $10. When you got home, you got to keep it because it's only $10.” she wrote. “Then we taxed the billionaire in town because he's making tons of money underpaying the townspeople.”