Enough Is Enough: The President's Latest Wall Street Nominee

In recent years, President Obama has repeatedly turned to nominees with close Wall Street ties for high-level economic positions. Jack Lew, who was a top Citigroup official, now serves as Treasury Secretary. The President's choice for Treasury's highest international position, Nathan Sheets, also comes from Citi. For the number two spot at the Federal Reserve, the President tapped Stanley Fischer, another former Citigroup executive. A Bank of America executive, Stefan Selig, was put in charge of international trade at the Commerce Department. The President's two recent picks for the Commodity Futures Trading Commission -- including his choice for Chairman -- are lawyers who have spent their careers representing big financial institutions.

There's plenty of financial expertise in this country. People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people. Nor must every government official come from the financial sector; executives from other business areas, lawyers who have practiced in a wide range of fields, academics, financial advisers, non-profit employees, think-tank researchers, and people with experience elsewhere in government have deep wells of knowledge -- and perspectives that sometimes differ from those who run Wall Street banks.

The over-representation of Wall Street banks in senior government positions sends a bad message. It tells people that one -- and only one -- point of view will dominate economic policymaking. It tells people that whatever goes wrong in this economy, the Wall Street banks will be protected first. That's yet another advantage that Wall Street just doesn't need.

I have voted against only one of President Obama's nominees: Michael Froman, a Citigroup alumnus who is currently storming the halls of Congress as U.S. Trade Representative pushing trade deals that threaten to undermine financial regulation, workers' rights, and environmental protections.

Enough is enough.

It's time for the Obama administration to loosen the hold that Wall Street banks have over economic policy making. Sure, big banks are important, but running this economy for American families is a lot more important.