Obama Should Ask Sen. Chuck Schumer What Is Going On

Sen. Chuck Schumer, democrat, sets as the Chairman of Banking, Housing, and Urban Affairs. He has been the chairman for the past two years and has been the ranking member for many years before that. This is one of the most powerful committees in congress.

Democrat Sen. Chuck Schumer also sets on the powerful committees of finance, judiciary, and rules and administration. Every one of them has extreme control and power within the walls of the Senate Chambers.

The Senate Banking Committee has jurisdiction over the nation's financial markets, banks, and insurance companies. The committee also oversees mortgage insurance, credit unions, and housing projects. All of these interests are part of the finance/insurance/real estate sector. History shows members of the committee often receive more political donations from areas they oversee.

A seat on the Senate Finance Committee guarantees members that they will attract generous donations from banks, insurance companies, real estate agents, accountants, and securities and investment firms without even asking. This committee writes and proposes tax writing bills so the fore mentioned groups have a great deal in the interest in their work.

The Senate Judiciary Committee members may attract hefty donations from lawyers, whose courtrooms they oversee, they also draw money from other interests that care about the use of the nation's justice system. This includes financial sector which often finds itself at odds with stockholders with regards to mergers and other transactions.

The Senate Rules and Administration Committee in its self does not control much in proposed laws. However they control the rules of floor debate so the very life or death of bills and amendments is held in their hands.

Now we look what companies, via executives have doled out the bucks to Senator Chuck Schumer. Since the start of 2007 Citigroup ($81K) investment banker, UBS ($80K) investment banker, Paul Weiss ($67) lobbyist, Benson Kasowitz ($64K) lobbyist, Met Life ($59K) insurance, Goldman Sachs ($58) investment banker, Morgan Stanley ($57K) investment banker, Lahman Brothers ($54K) investment banker, Merrill Lynch ($50K) investment banker, and JP Morgan ($48K) investment banker have pumped money into Schumer’s coffers. The fore mentioned looks like the “whose who” of banks that are in trouble! Schumer is not up for re-election until 2010.

Just maybe this is a reason there has been no hearings into the banking problems that is affecting every American today. Maybe Obama should be asking Schumer what the heck happened, over yelling it is all President Bush’s fault. Schumer did not and does not need the President’s approval to hold meetings, to investigate the banking industry.