Neither Democrat has many fans in today’s GOP. But that’s the choice Republicans face as Democrats bicker among themselves over one of Obama’s nominations. Warren has been leading the fight against Antonio Weiss, the investment banker who is Obama’s choice for undersecretary of the treasury for domestic finance. Senate Republicans, for much of Obama’s presidency, have opposed nearly all of his nominees in lockstep. But in this case, doing so would all but guarantee a political victory for one of their least favorite people.
Warren argues that Weiss, the head of investment banking for the firm Lazard, is too close to Wall Street, and would be inclined to protect banks at taxpayers’ expense. She also cites his role in Burger King’s recent purchase of the Canadian doughnut chain Tim Hortons, a deal that will allow the combined company to base itself in Canada and reduce its US taxes.
Inevitably, Warren’s involvement has given the nomination fight a progressive-vs.-moderate tinge. But that isn’t the whole story. Community banks, hardly a bastion of left-wing radicals, also oppose Weiss — only the second time in 30 years the trade group for small banks has publicly fought a Treasury nomination.
Nonetheless, considering how strongly Warren has come out against Obama’s nominee, the outcome will probably be seen as a win for either Obama or Warren. If Warren prevails, it won’t be her first such victory: She also helped sink the candidacy of Lawrence Summers for Federal Reserve chairman.
For now, Republicans can sit back and watch the Democratic infighting. But unless Obama withdraws his nomination or more Democrats unify around Weiss, Republicans will eventually get the last word. For Democrats, that’s a foretaste of what might happen come January, when Republicans take over the Senate. Democrats once had the ability to keep some of the issues that divide them, from trade deals to nominations, off the Senate’s agenda. Once the GOP starts calling the shots — and the Senate timetable — Democrats may be forced to confront those divisions more often.
Alan Wirzbicki can be reached at awirzbicki@globe.com.