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McMahon has taken a lot of heat from the left for his vote against President Obama's top priority. New York City Council Speaker Christine Quinn canceled a fundraiser for him, and the Service Employees International Union withdrew its support and is now actively searching for a Democrat to challenge...
But instead of sailing quietly into oblivion, Kaufman has decided to make waves. Most notably, he is challenging his Senate colleagues - and the Obama Administration - to get behind far tougher financial regulations than they have yet proposed, a move that has been unsettling to both bank lobbyists and White House...
In late March, after most of his colleagues had split for the Easter holiday, Kaufman lingered on the Senate floor, waiting for his chance to address rows of empty chairs, a few pimple-faced pages and the C-SPAN cameras in his latest well-sourced broadside against the conventional wisdom...
As a policy matter, Kaufman's prediction is heavily debated among economists. But as politics, his critique threatens to undermine the White House's finely tuned election-year story line. To hear President Obama or his aides tell it, the coming Senate debate on financial regulatory reform will offer a...
"Little in these reforms is really new," Kaufman says of the current White House-backed Democratic Banking Committee plan. He calls the provisions for new "resolution authority" to dissolve failing banks "an illusion," since the sheer size of the institutions makes painless, prepackaged liquidation unlikely. He worries about loopholes that...