WEEK IN REVIEW : Senator Charles Schumer to become Senate Minority Leader


U.S. Senator Charles Schumer (D-New York) has maneuvered himself to replace U.S. Senator Harry Reid (D-Nevada) as the Senate Minority Leader once Senator Reid retires from the U.S. Senate at the end of 2016.

The expected succession has been blessed by Wall Street interests, according to a report published by CNN, understandable given that Senator Schumer was responsible for the repeal of a Dodd-Frank provision affecting swaps, according to a report by Robert Kuttner published in The Huffington Post.

According to an analysis by Progress Queens, Senator Schumer will be expected to exert an undue influence on New York state politics from his new leadership position, setting up a new boss system affecting some of the biggest names amongst public officials, lobbyists, and political operatives, including U.S. Attorney Preet Bharara and lobbyists Josh Isay and Jennifer Cunningham.