Schumer Flexes Democrats' New Subpoena Power in Warning to CEOs

[Yo_Mama_Been_Loggin]

Source: Bloomberg

(Bloomberg) -- Senate Majority Leader Chuck Schumer served notice Wednesday that Democrats can use their expanded majority in the chamber next year to subpoena corporations and executives to strengthen oversight investigations.

“Subpoena power can deal with corporate corruption and inequities and other problems throughout the country,” the New York Democrat said at a news conference. He declined to say what companies or industries he thinks would be subject to scrutiny.

Democratic Senator Raphael Warnock’s victory Tuesday in Georgia’s runoff election over Republican Herschel Walker gives Democrats a 51-49 majority for the remainder of President Joe Biden’s current term. That means Democrats would have a majority on committees, most of which require only a majority vote to issue subpoenas. In the current 50-50 Senate, committees are split evenly between Republicans and Democrats.

-snip-

Democrats have in the past targeted financial firms for investigations, and both parties have been focused on the crypto industry particularly after the implosion of Sam Bankman-Fried’s FTX exchange. Some Senate Democrats have also talked about the possibility of calling in Elon Musk for testimony about his purchase of Twitter.

Read more: https://www.msn.com/en-us/money/markets/schumer-flexes-democrats-new-subpoena-power-in-warning-to-ceos/ar-AA151hIZ

[FredGarvin]

1. What a joke.

After the great rip-off of 2008, there were only fines.

Same thing after the 2020 trillion dollar bail outs....

The banks and corporate American upper management are the ones who rule the country...not politicians.

He's decades behind the curve of how white collar crime works.

[BumRushDaShow]

3. Congress (the Legislative Branch), which includes the Senate, does not prosecute.

The Executive Branch does.

There was a comprehensive collaborative look by the NYT and ProPublica back in 2014 on what happened back during the 2007 financial meltdown and banking crisis.

Why Only One Top Banker Went to Jail for the Financial Crisis

No paywall

The UK did go after some bad actors related to Libor manipulation during that time and a decision was made this year for both the U.S. and UK to officially drop the use of Libor this year.

[LenaBaby61]

7. REALLY THIS 👆🏻👆🏻👆🏻👆🏻

[Cha]

2. TY & Sen Schumer! nt

[BumRushDaShow]

4. The Senate will need to pick up the Oversight duties from the House in the next Congress

So with the new 51-49 margin, that will give Democrats a clear mandate to do this.

[onetexan]

8. K&R. Includes the J6 hearings continuance.

[BumRushDaShow]

9. Yup and given what has been uncovered so far

they can expand to include some kind of "Presidential Election Integrity Investigation" that looks at the loopholes in current law used to attempt to circumvent the 2020 election results (including what just got argued at the SCOTUS yesterday). There is a need to find ways to torpedo the nonsense of a "supreme state legislature" that has no state judicial branch check, and ensure that federalism, and the concepts of 3 branches of government with checks and balances, can continue.

[onetexan]

10. my Goodness, just the idea of a "supreme state legislature" w/out any checks & balances galls me

if that were allowed to be passed we'd be headed to complete totalitarianism no doubt. Frightening.

[BumRushDaShow]

11. Some of the news media legal analysts have been mulling this issue

and the fact that case was even being broached by the SCOTUS.

[republianmushroom]

5. LIKE IT

[pecosbob]

6. DoJ has a pretty poor record at incarceraing wealthy, politically connected people

To play devil's advocate, what does it matter if Congress scolds them? Compare and contrast our response to January 6 Insurrection with Germany's recent arrest of coup plotters...former Bundeswehr and Bundestag members are now sitting in jail.

[Faux pas]

12. Kickin' With Gusto!