At Conference With Bank Lobbyists, Mark Warner Wants To Cut Social Security But Won’t Endorse Bank Tax
Last week, the American Bankers Association (ABA) — a leading lobbying group for Big Banks — held a large lobbying meeting in Washington, D.C. Thousands of bankers packed the halls of the Omni Shoreham Hotel to hear Members of Congress praise their industry and encourage them to back certain pieces of legislation.
The only Democratic Party senator who spoke before the assembled audience was Virginia’s Mark Warner. During his speech, Warner spoke of his efforts to raise the Social Security retirement age — which would involve a major cut to a program that would largely impact blue collar workers the most — with his endorsement of the Bowles-Simpson economic plan.
As he was leaving the ABA summit, we asked him why he was willing to cut programs for poor and middle class Virginians yet he was not endorsing any plan to tax the bankers he just spoke before (whose large economic institutions caused a recession that plunged millions into poverty). Watch Warner’s response, where he declines to endorse requiring banks to share the burden of reducing the deficit:
Perhaps one reason Warner won’t endorse higher taxes for banks is because the financial industry is the single largest donor to his campaign.