Four major banks are threatening to withhold campaign donations to Senate Democrats in anger over Sen. Elizabeth Warren’s (D-Mass.) attacks on Wall Street.
Representatives from financial powerhouses Citigroup, JPMorgan, Goldman Sachs and Bank of America recently met in Washington and discussed the growing hostility towards big business within the Democratic ranks, according to a Reuters report Friday.
Bank officials cited Warren and Senate Banking Committee ranking member Sherrod Brown (Ohio) as the two main lawmakers leading the charge against them. But the banks have not agreed on how to respond together, with each firm making its own decision on donations, Reuters reported.
{mosads}Federal Election Committee (FEC) rules cap political action committee (PAC) donations to party committees at $15,000 per election year.
Citigroup representatives said their firm is already withholding donations to the Democratic Senatorial Campaign Committee (DSCC) to avoid boosting Warren and other progressives critical of Wall Street.
JPMorgan, meanwhile, has so far given Democrats only a third of its annual contribution. Sources there said company representatives have urged Democrats to soften their attacks on the financial sector. The bank has typically donated one lump sum in past years.
Goldman has already donated the maximum amount in 2015. Sources said it discussed its concerns with other banks but has no plans currently to withhold future funds.
Bank of America representatives said their company has not made any donations yet. It is still deciding what it will do this election cycle, they added.
The backlash over Warren comes as many Democrats are pushing her toward a 2016 White House bid. The Boston Globe on Sunday urged the former Harvard professor to run in a glowing editorial.
Warren has repeatedly said she will not seek the presidency in 2016. But her attacks on Wall Street have made her popular with progressives, a sign many voters have not forgotten the 2008 financial crisis.
Former Secretary of State Hillary Clinton, who is preparing to enter the race, is the Democrats’ clear front-runner.
Reuters noted that the four banks are only focused on donations to Democratic Senate campaigns, not to presidential contenders.