Liberal Groups to Schumer: We Don't Want Bayh as Banking Chair

In an effort to ensure Evan Bayh does not take over as the Senate Banking Committee if he is elected in November, a coalition of liberal groups wrote a letter to presumptive Senate Democratic Leader Charles E. Schumer, The Washington Post reported.

"The Committee already conspicuously harbors several of the Democratic Caucus' most conservative, Wall Street-friendly members," the coalition wrote Thursday to Schumer.

"Any attempt to have Evan Bayh installed as chair, or other efforts to appoint members who support the interests of Wall Street above those of the American people, must be opposed."

The letter comes in the wake of a report, which appeared in American Banker, speculated Bayh, who was ruling the Banking Committee from 2000-2010, could possibly seize the chair as committee head if he returns to the Senate, as he would be senior than current ranking member Sherrod Brown of Ohio.

"The scenario has been quietly discussed among financial services lobbyists, most of whom prefer the more moderate and bank-friendly Bayh to the progressive Brown," the report stated.

Brown, who is a strong critic of Wall Street, is the choice of the progressive groups who hope to see him taking charge along with fellow committee member Elizabeth Warren of Massachusetts to keep a check on "too-big-to-fail" banks.

The Courage Campaign, CPD Action, CREDO Action, Democracy for America, MoveOn.org, New York Communities for Change, Other98, Presente.org, RootsAction.org and Rootstrikers signed the letter to Schumer, according to the report.

Bayh's prior tenure on the Banking Committee in 2010 showed he was given seniority over Brown. However, staffers are determined that bankers' choice, which is Bayh as chairman, is just something that is going to happen.

"There's no doubt Senator Brown will have the top slot on the banking committee next year," a senior Democratic aide said.

Over the weekend, The Associated Press reported Bayh spent his last year in office searching for a private-sector job while favoring issues which catered to his potential employers.

The coalition also appealed to Schumer to express his intention of ensuring the Banking Committee's membership reflects support for stronger financial regulation. "The financial industry is floating [Bayh's] name to the media in a brazen, cynical attempt to tilt the Committee's membership even further toward Wall Street," the letter stated.

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