In today’s Washington Post “The Finance 202” newsletter — a top financial services beat in Washington, D.C. — TRP’s Jason Rosenstock offered his commentary on the shifting political dynamics within the Democratic party, as well as the impact this could have on the financial services industry moving forward. Following progressive activist Cori Bush’s defeat of 10-term Rep. William Lacy Clay (D-MO), a member of the House financial Services Committee, Rosenstock points out that stakeholders are working to game out both the implications of different election outcomes as well as the effect that the “newly assertive left” could have on the overall direction of the Democrats’ policy priorities. “The financial services industry is perpetually going to be attacked by the far left,” said Rosenstock. “The question is, ‘How far does that bleed into the general ethos of the Democratic Party?’”
The citation in its entirety can be read below.
Left-wing advocates are on a hot streak lately.In her win over Clay, Bush became “the fifth left-wing Democrat to oust an incumbent member of Congress from her party since the start of Trump’s presidency — including three this year,” Paul Kane and Dave Weigel note.
Also Tuesday, Rep. Rashida Tlaib (D-Mich.), a member of the four-woman “Squad” of liberals elected in 2018, dispatched a more moderate challenger in her own primary. And Rep. Alexandria Ocasio-Cortez, the highest-profile member of that group, routed former CNBC anchor Michelle Caruso-Cabrera in a June matchup that drew big-dollar contributions from a who’s who of Wall Street titans
“The insurgents and establishment figures disagree over the impact of these races, some dismissing the anti-establishment wins as unique to each campaign,” Paul and Dave write. “But both sides agree that this movement feeds off victories, boosting fundraising for a slew of relatively new liberal PACs, and that losses would have starved them of political oxygen.”
Jason Rosenstock, a financial services lobbyist with Thorn Run Partners, says his clients are busy gaming out not only the implications of different election outcomes but also the effect the newly assertive left could have on the direction of the Democratic Party. “The financial services industry is perpetually going to be attacked by the far left,” he says. “The question is, ‘How far does that bleed into the general ethos of the Democratic Party?’”