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Politico: Ocasio-Cortez Poised to Join Banking Panel

Politico: Ocasio-Cortez Poised to Join Banking Panel
Rep. Alexandria Ocasio-Cortez, D-N.Y. (Mary Schwalm/AP)

By | Friday, 11 January 2019 05:23 PM

Freshman Rep. Alexandria Ocasio-Cortez reportedly is poised to be appointed to the House Financial Services Committee.

Her appointment would be a victory for progressives fighting to curb Wall Street's clout in Washington and inside the Democratic Party itself, Politico reported.

The New York democratic socialist would be a thorn in the side of Wall Street, which has seen its regulatory burden lowered since Donald Trump became president, Politico reported.

Ocasio-Cortez also could be an important ally for committee Chairwoman Maxine Waters.

“Some moderate Democrats have privately raised concerns that they’ll be targeted by the former bartender-turned-progressive icon, whose willingness to challenge her party’s establishment propelled her to Congress and the national spotlight,” Politico said.

“I don’t know enough about her to be able to determine if she’s going to be a good member or what,” said Rep. Lacy Clay (D-Mo.), a senior Financial Services Committee lawmaker who survived an Ocasio-Cortez-backed primary challenge last year. “Time will tell, and this one term will tell us a lot about her abilities as a legislator.”

Ocasio-Cortez made headlines in the last week by suggesting a tax rate as high as 70 percent on the very rich to help pay for a major plan to fight climate change.

She floated the idea during an interview on the CBS show “60 Minutes,” which will be shown on Sunday.

“People are going to have to start paying their fair share of taxes,” she said.

"You know, you look at our tax rates back in the '60s and when you have a progressive tax rate system, your tax rate, you know, let's say, from zero to $75,000 may be ten percent or 15 percent, et cetera." Ocasio-Cortez said.

"But once you get to, like, the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70 percent. That doesn't mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more."

The new lawmaker calls the plan the “Green New Deal.” It aims to eliminate carbon emissions within 12 years.

"It's going to require a lot of rapid change that we don't even conceive as possible right now," she said. "What is the problem with trying to push our technological capacities to the furthest extent possible?"

Ocasio-Cortez and other progressives have pushed for the climate change plan that includes thousands of jobs in renewable energy such as wind and solar party.

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Freshman Rep. Alexandria Ocasio-Cortez reportedly is poised to be appointed to the House Financial Services Committee.
politico, ocasio, cortez, banking, finance
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2019-23-11
Friday, 11 January 2019 05:23 PM
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