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==Early life and education== ==Early life and education==
Schumer was born in ] to a ] family. His parents were Selma Rosen and Abraham Schumer.<ref></ref> He attended public schools in Brooklyn, scoring a perfect 1600 on the ], and graduated as the ] from ] in 1967.<ref>Blaine Harden, ], , October 5, 1998. Retrieved January 26, 2007.</ref> Schumer competed for Madison High on the '']'' television quiz show.<ref>Sam Roberts, ], , March 5, 2007. Retrieved March 6, 2007.</ref> Schumer was born in ] to a ] family. His parents were Selma Rosen and Abraham Schumer.<ref>{{cite web|url=http://freepages.genealogy.rootsweb.com/~battle/senators/schumer.htm |title=schumer |publisher=Freepages.genealogy.rootsweb.com |date= |accessdate=March 18, 2010}}</ref> He attended public schools in Brooklyn, scoring a perfect 1600 on the ], and graduated as the ] from ] in 1967.<ref>Blaine Harden, ], , October 5, 1998. Retrieved January 26, 2007.</ref> Schumer competed for Madison High on the '']'' television quiz show.<ref>Sam Roberts, ], , March 5, 2007. Retrieved March 6, 2007.</ref>


He attended ], where he became interested in politics and campaigned for ] in ].<ref>{{cite web|title=College and Law School (1968–1974)|url=http://www.senate.gov/~schumer/SchumerWebsite/about_chuck/time-popups/time-college.html|publisher=United States Senate|date= |accessdate=July 18, 2008}}</ref> After completing his undergraduate degree, he continued to ], earning his ] in 1974. Schumer passed the New York State ] in early 1975 but never practiced law, entering politics instead.<ref>{{cite news|last=Bruni|first=Frank|title=For Schumer, a Decades-Long Drive Toward a Quest for the Senate|url=http://query.nytimes.com/gst/fullpage.html?res=9C0DE3DF123CF935A15753C1A96E958260&sec=&spon=&pagewanted=all|work=Thbe New York Times|date=October 26, 1998|accessdate=July 18, 2008}}</ref> He attended ], where he became interested in politics and campaigned for ] in ].<ref>{{cite web|title=College and Law School (1968–1974)|url=http://www.senate.gov/~schumer/SchumerWebsite/about_chuck/time-popups/time-college.html|publisher=United States Senate|date= |accessdate=July 18, 2008}}</ref> After completing his undergraduate degree, he continued to ], earning his ] in 1974. Schumer passed the New York State ] in early 1975 but never practiced law, entering politics instead.<ref>{{cite news|last=Bruni|first=Frank|title=For Schumer, a Decades-Long Drive Toward a Quest for the Senate|url=http://query.nytimes.com/gst/fullpage.html?res=9C0DE3DF123CF935A15753C1A96E958260&sec=&spon=&pagewanted=all|work=Thbe New York Times|date=October 26, 1998|accessdate=July 18, 2008}}</ref>
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==United States Senator== ==United States Senator==
In 1998, Schumer ]. He won the Democratic Senate primary with 51 percent of the votes against ] (21 percent) and ] (19 percent). He then received 55 percent of the vote in the ],<ref></ref> defeating three-term ] Republican ] (44 percent). In 1998, Schumer ]. He won the Democratic Senate primary with 51 percent of the votes against ] (21 percent) and ] (19 percent). He then received 55 percent of the vote in the ],<ref>{{cite web|url=http://www.fec.gov/pubrec/fe1998/98senate.htm |title=Federal Elections 98: U.S. Senate Results by State |publisher=Fec.gov |date= |accessdate=March 18, 2010}}</ref> defeating three-term ] Republican ] (44 percent).


In 2004, Schumer handily won re-election against Republican ] ] of ] and ] ]. Many New York Republicans were dismayed by the selection of Mills over the conservative ], who held significant advantages over Mills in both fundraising and organization.<ref name="alb">. ''Albany Times-Union'', February 25, 2004.</ref> Benjamin publicly accused ] Chairman ] and Governor ] of trying to muscle him out of the senate race and undermine the democratic process.<ref name="alb"/> Schumer defeated Mills, the second-place finisher, by 2.8 million votes and won reelection with 71 percent of the vote.<ref name="lslide">. Humbert, Mark. Associated Press, May 15, 2004.</ref> Schumer won every county in the state except one, ] in the ], the least populated and most Republican county in the state.<ref name="lslide"/> Mills conceded defeat minutes after the polls closed, before returns had come in.<ref name="lslide"/> In 2004, Schumer handily won re-election against Republican ] ] of ] and ] ]. Many New York Republicans were dismayed by the selection of Mills over the conservative ], who held significant advantages over Mills in both fundraising and organization.<ref name="alb">. ''Albany Times-Union'', February 25, 2004.</ref> Benjamin publicly accused ] Chairman ] and Governor ] of trying to muscle him out of the senate race and undermine the democratic process.<ref name="alb"/> Schumer defeated Mills, the second-place finisher, by 2.8 million votes and won reelection with 71 percent of the vote.<ref name="lslide">. Humbert, Mark. Associated Press, May 15, 2004.</ref> Schumer won every county in the state except one, ] in the ], the least populated and most Republican county in the state.<ref name="lslide"/> Mills conceded defeat minutes after the polls closed, before returns had come in.<ref name="lslide"/>


A ] poll from April 2009 placed Schumer's approval rating at 62%, with 31% disapproving.<ref></ref> A ] poll from April 2009 placed Schumer's approval rating at 62%, with 31% disapproving.<ref>{{cite web|url=http://www.surveyusa.com/client/PollReport.aspx?g=90a0d25a-1248-46de-8d6f-4c435b6fbd14 |title=Survey USA |publisher=Survey USA |date= |accessdate=March 18, 2010}}</ref>


===Political style=== ===Political style===
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=== Abortion === === Abortion ===
Schumer is strongly ], and has been give a 100 percent rating by ].<ref></ref> He voted against the ].<ref></ref> Schumer is strongly ], and has been give a 100 percent rating by ].<ref>{{dead link|date=March 2010}}</ref> He voted against the ].<ref>{{cite web|url=http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=108&session=1&vote=00051 |title=U.S. Senate Roll Call Votes 108th Congress – 1st Session |publisher=Senate.gov |date= |accessdate=March 18, 2010}}</ref>


=== Consumer protection === === Consumer protection ===
Schumer has focused a great deal of his legislative attention on consumer protection issues. Schumer passed landmark consumer protection legislation that required uniform disclosure information on the back of credit card applications, notifying prospective cardholders of annual fees and interest rates. This standardized information is now referred to as the ]. The senator has also aggressively pushed to end the practice of ATM "double-dipping", whereby banks charge customers ATM fees twice, once when using a bank other than their own and again by the customer's own bank for using an ATM outside their personal bank's network.<ref>{{cite web|url=http://www.nydailynews.com/money/2009/12/07/2009-12-07_schumer_rips_banks_doubledipping_on_atm_fees.html |title=Sen. Schumer rips banks' 'double-dipping' on ATM fees |publisher=Nydailynews.com |date=December 7, 2009 |accessdate=March 18, 2010}}</ref> Schumer has also been a leader on protecting US consumers, particularly children, from toxins in both children's toys and baby products. With Congresswoman Nita Lowey he has been working to ban the chemical bisphenol A, or BPA, often found in baby bottles and plastic children's food containers.<ref>{{cite web|author=&nbsp;&nbsp; |url=http://abclocal.go.com/wabc/story?section=news/health&id=6090291 |title=Schumer to introduce BPA bill - 4/18/08 - New York News and Tri-State News - 7online.com |publisher=Abclocal.go.com |date=April 18, 2008 |accessdate=March 18, 2010}}</ref> The Canadian government has already banned the chemical in baby bottles and children's products.<ref>{{cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2008/04/18/AR2008041803036.html |title=Canada Bans BPA From Baby Bottles |publisher=washingtonpost.com |date= |accessdate=March 18, 2010}}</ref> Schumer is also seeking a ban on the use of cadmium, a carcinogen known to impede brain development in children, in toys and children's jewelry.<ref>http://www.democratandchronicle.com/article/20100114/NEWS01/1140338/1002/NEWS/Sen.-Charles-Schumer-seeks-cadmium-toy-ban</ref> When sham companies began selling phony gloves, pills, inhalers, shampoos and other products during the Swine Flu scare, Schumer urged the Federal Trade Commission to open an investigation to crack down on the practice. In the end, The FTC put 10 companiess on notice and identified a total of 140 scams.<ref>{{cite web|url=http://www.syracuse.com/news/index.ssf/2009/11/schumer_feds_to_crack_down_on.html |title=Schumer: Feds to crack down on phony flu products &#124; News from The Post-Standard |publisher=Syracuse.com |date= |accessdate=March 18, 2010}}</ref> Schumer has focused a great deal of his legislative attention on consumer protection issues. Schumer passed landmark consumer protection legislation that required uniform disclosure information on the back of credit card applications, notifying prospective cardholders of annual fees and interest rates. This standardized information is now referred to as the ]. The senator has also aggressively pushed to end the practice of ATM "double-dipping", whereby banks charge customers ATM fees twice, once when using a bank other than their own and again by the customer's own bank for using an ATM outside their personal bank's network.<ref>{{cite web|url=http://www.nydailynews.com/money/2009/12/07/2009-12-07_schumer_rips_banks_doubledipping_on_atm_fees.html |title=Sen. Schumer rips banks' 'double-dipping' on ATM fees |publisher=Nydailynews.com |date=December 7, 2009 |accessdate=March 18, 2010}}</ref> Schumer has also been a leader on protecting US consumers, particularly children, from toxins in both children's toys and baby products. With Congresswoman Nita Lowey he has been working to ban the chemical bisphenol A, or BPA, often found in baby bottles and plastic children's food containers.<ref>{{cite web|author=&nbsp;&nbsp; |url=http://abclocal.go.com/wabc/story?section=news/health&id=6090291 |title=Schumer to introduce BPA bill - 4/18/08 - New York News and Tri-State News - 7online.com |publisher=Abclocal.go.com |date=April 18, 2008 |accessdate=March 18, 2010}}</ref> The Canadian government has already banned the chemical in baby bottles and children's products.<ref>{{cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2008/04/18/AR2008041803036.html |title=Canada Bans BPA From Baby Bottles |publisher=washingtonpost.com |date= |accessdate=March 18, 2010}}</ref> Schumer is also seeking a ban on the use of cadmium, a carcinogen known to impede brain development in children, in toys and children's jewelry.<ref>{{cite web|url=http://www.democratandchronicle.com/article/20100114/NEWS01/1140338/1002/NEWS/Sen.-Charles-Schumer-seeks-cadmium-toy-ban |title=&#124; democratandchronicle.com |publisher=Democrat and Chronicle |date= |accessdate=March 18, 2010}}</ref> When sham companies began selling phony gloves, pills, inhalers, shampoos and other products during the Swine Flu scare, Schumer urged the Federal Trade Commission to open an investigation to crack down on the practice. In the end, The FTC put 10 companiess on notice and identified a total of 140 scams.<ref>{{cite web|url=http://www.syracuse.com/news/index.ssf/2009/11/schumer_feds_to_crack_down_on.html |title=Schumer: Feds to crack down on phony flu products &#124; News from The Post-Standard |publisher=Syracuse.com |date= |accessdate=March 18, 2010}}</ref>


Schumer has been a champion of college tuition tax credits, calling for and passing a $4,000 tuition tax credit for students as part of a host of tax credits and cuts passed to stimulate the economy in the 2009 American Reinvestment and Recovery Act (AARA).<ref>{{cite web|author=Dick Blume / The Post-Standard |url=http://www.syracuse.com/news/index.ssf/2009/01/schumer_pushes_for_new_college.html |title=Schumer pushes for new college tuition tax credit while visiting Syracuse University &#124; News from The Post-Standard |publisher=Syracuse.com |date= |accessdate=March 18, 2010}}</ref> Schumer has been a champion of college tuition tax credits, calling for and passing a $4,000 tuition tax credit for students as part of a host of tax credits and cuts passed to stimulate the economy in the 2009 American Reinvestment and Recovery Act (AARA).<ref>{{cite web|author=Dick Blume / The Post-Standard |url=http://www.syracuse.com/news/index.ssf/2009/01/schumer_pushes_for_new_college.html |title=Schumer pushes for new college tuition tax credit while visiting Syracuse University &#124; News from The Post-Standard |publisher=Syracuse.com |date= |accessdate=March 18, 2010}}</ref>


He received a "A" on the most recent (2008) ]'s Congressional Scorecard on middle-class issues.<ref></ref> He received a "A" on the most recent (2008) ]'s Congressional Scorecard on middle-class issues.<ref>{{cite web|url=http://www.drummajorinstitute.com/congress/drum-major-voting-summary.php?name=Schumer&state=NY&database=senate |title=drummajorinstitute.com |publisher=drummajorinstitute.com |date= |accessdate=March 18, 2010}}</ref>


===Homeland Security=== ===Homeland Security===
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</ref> </ref>


On March 11, 2007, Schumer became the first lawmaker in either chamber to call for ] ] to resign for ] of eight ]s. In an interview on ]' ''],'' Schumer said that Gonzales "doesn't accept or doesn't understand that he is no longer just the president's lawyer."<ref></ref> When Gonzales' chief of staff, ], resigned on March 13, Schumer said during a press conference that Gonzales was "carrying out the political wishes of the president" and declared that Sampson would "not be the next ]," meaning that he did not accept that Sampson had sole responsibility for the attorney's controversy.<ref></ref> On March 11, 2007, Schumer became the first lawmaker in either chamber to call for ] ] to resign for ] of eight ]s. In an interview on ]' ''],'' Schumer said that Gonzales "doesn't accept or doesn't understand that he is no longer just the president's lawyer."<ref>{{cite web|last=Goldfarb |first=Zachary |url=http://blog.washingtonpost.com/the-talk/2007/03/march_11_schumer_calls_on_gonz.html |title=March 11: Schumer calls on Gonzales to resign – The Talk |publisher=Blog.washingtonpost.com |date= |accessdate=March 18, 2010}}</ref> When Gonzales' chief of staff, ], resigned on March 13, Schumer said during a press conference that Gonzales was "carrying out the political wishes of the president" and declared that Sampson would "not be the next ]," meaning that he did not accept that Sampson had sole responsibility for the attorney's controversy.<ref>{{cite web|author=13 maart 2007 |url=http://www.youtube.com/watch?v=pfB_1v1VMv4 |title=YouTube – Schumer Calls For Gonzales' Resignation |publisher=Youtube.com |date=March 13, 2007 |accessdate=March 18, 2010}}</ref>


Schumer, like other members of the ] from both parties, was angered during Gonzales' testimony on April 19, 2007; Gonzales answered many times that he didn't know or couldn't recall details about the controversy. When Schumer's turn came to ask his last round of questions, he instead repeated his call for Gonzales to resign, saying that there was no point to further questioning since Gonzales had "answered, 'I don't know' or 'I can't recall' to close to a hundred questions" concerning the firings (most press reports counted 71 instances) and didn't seem to know about the inner workings of his own department. Gonzales responded that the onus was on the committee to prove whether anything improper occurred. Schumer replied that Gonzales faced a higher standard, and that under this standard he had to give "a full, complete and convincing explanation" for why the eight attorneys were fired.<ref></ref> Schumer, like other members of the ] from both parties, was angered during Gonzales' testimony on April 19, 2007; Gonzales answered many times that he didn't know or couldn't recall details about the controversy. When Schumer's turn came to ask his last round of questions, he instead repeated his call for Gonzales to resign, saying that there was no point to further questioning since Gonzales had "answered, 'I don't know' or 'I can't recall' to close to a hundred questions" concerning the firings (most press reports counted 71 instances) and didn't seem to know about the inner workings of his own department. Gonzales responded that the onus was on the committee to prove whether anything improper occurred. Schumer replied that Gonzales faced a higher standard, and that under this standard he had to give "a full, complete and convincing explanation" for why the eight attorneys were fired.<ref>{{cite web|author=april 19, 2007 |url=http://www.youtube.com/watch?v=51Iezc2kIcw |title=YouTube – Schumer 4 |publisher=Youtube.com |date=April 19, 2007 |accessdate=March 18, 2010}}</ref>


===Mukasey nomination=== ===Mukasey nomination===
Gonzales resigned on September 17, and Schumer personally introduced Bush's choice to replace Gonzales, former federal judge ]. Gonzales resigned on September 17, and Schumer personally introduced Bush's choice to replace Gonzales, former federal judge ].


Despite appearing troubled by Mukasey's refusal to declare in public that ] was illegal ], Schumer announced on November 2 that he would vote to confirm Mukasey.<ref></ref> Schumer said that Mukasey assured him in a private meeting that he would enforce any law declaring waterboarding illegal. Schumer also said that Mukasey told him Bush would have "no legal authority" to ignore such a law.<ref></ref> Despite appearing troubled by Mukasey's refusal to declare in public that ] was illegal ], Schumer announced on November 2 that he would vote to confirm Mukasey.<ref>{{cite web|url=http://www.cnn.com/2007/POLITICS/11/02/leahy.mukasey/index.html |title=Bush attorney general nominee gets key Democratic support – |publisher=Cnn.com |date= |accessdate=March 18, 2010}}</ref> Schumer said that Mukasey assured him in a private meeting that he would enforce any law declaring waterboarding illegal. Schumer also said that Mukasey told him Bush would have "no legal authority" to ignore such a law.<ref></ref>


Schumer voted to recommend ] for confirmation as ]. Schumer, along with fellow Democratic Senator ], allowed the confirmation to move on to the full Senate. Schumer voted to recommend ] for confirmation as ]. Schumer, along with fellow Democratic Senator ], allowed the confirmation to move on to the full Senate.
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On April 6, 2005 Alan Greenspan testified to Congress about the enormous portfolio of Fannie Mae and Freddie Mac. Schumer responded to the testimony "I see an analogy to Social Security," Mr. Schumer said. "Social Security has a problem and there are ideologues who want to undo it. Fannie and Freddie have problems, and there are ideologues who want to undo them. But there are ways to fix the problems short of what's been proposed. When the sink is broken, you don't want to tear down the house." On April 6, 2005 Alan Greenspan testified to Congress about the enormous portfolio of Fannie Mae and Freddie Mac. Schumer responded to the testimony "I see an analogy to Social Security," Mr. Schumer said. "Social Security has a problem and there are ideologues who want to undo it. Fannie and Freddie have problems, and there are ideologues who want to undo them. But there are ways to fix the problems short of what's been proposed. When the sink is broken, you don't want to tear down the house."


Without identifying anyone in particular, Schumer also suggested that some people who have advanced tougher regulation of the two housing finance companies were really pushing a broader agenda to eliminate the companies and their mission of providing affordable housing. He proposed that the ] raise ] and ]'s ] ("affordable") limits from $417,000 to $625,000, thereby allowing these ]s to back mortgages on homes prices up to $780,000 with a 20 percent down payment.<ref name="Schumer OFHEO conforming loan $625,000"></ref> Without identifying anyone in particular, Schumer also suggested that some people who have advanced tougher regulation of the two housing finance companies were really pushing a broader agenda to eliminate the companies and their mission of providing affordable housing. He proposed that the ] raise ] and ]'s ] ("affordable") limits from $417,000 to $625,000, thereby allowing these ]s to back mortgages on homes prices up to $780,000 with a 20 percent down payment.<ref name="Schumer OFHEO conforming loan $625,000">{{dead link|date=March 2010}}</ref>


Following the ] of the ] mortgage industry in March 2007, ] proposed a federal government bailout of subprime borrowers in order to save homeowners from losing their residences and to shore up communities that were seeing neighborhoods destabilized due to foreclosures and the resultant decreases in neighboring home values.<ref name="Reuters Dodd">{{cite news |title=Top five US subprime lenders asked to testify-Dodd |first=John |last=Poirier |work=] |url=http://www.reuters.com/article/bankingfinancial-SP/idUSN1930923820070320 |date=March 19, 2007 |accessdate=March 17, 2008 }}</ref> As part of a package of regulatory reforms Schumer has pushed in response to the subprime foreclosure crisis he called for the creation of mortgage industry regulator to protect borrowers from deceptive lending practices and called for the Securities and Exchange Commission to relocate from Washington to New York so that it was in closer proximity to the industry it was charged with overseeing.<ref>{{cite web|url=http://www.consumeraffairs.com/news04/2007/03/senate_mortgage_brokers.html |title=Schumer Offers Bill To Regulate Mortgage Brokers |publisher=Consumeraffairs.com |date= |accessdate=March 18, 2010}}</ref> Following the ] of the ] mortgage industry in March 2007, ] proposed a federal government bailout of subprime borrowers in order to save homeowners from losing their residences and to shore up communities that were seeing neighborhoods destabilized due to foreclosures and the resultant decreases in neighboring home values.<ref name="Reuters Dodd">{{cite news |title=Top five US subprime lenders asked to testify-Dodd |first=John |last=Poirier |work=] |url=http://www.reuters.com/article/bankingfinancial-SP/idUSN1930923820070320 |date=March 19, 2007 |accessdate=March 17, 2008 }}</ref> As part of a package of regulatory reforms Schumer has pushed in response to the subprime foreclosure crisis he called for the creation of mortgage industry regulator to protect borrowers from deceptive lending practices and called for the Securities and Exchange Commission to relocate from Washington to New York so that it was in closer proximity to the industry it was charged with overseeing.<ref>{{cite web|url=http://www.consumeraffairs.com/news04/2007/03/senate_mortgage_brokers.html |title=Schumer Offers Bill To Regulate Mortgage Brokers |publisher=Consumeraffairs.com |date= |accessdate=March 18, 2010}}</ref>


]'s top nine campaign contributors are all financial institutions who have contributed over $2.5 million to the senator.<ref name="Schumer top campaign contributors"></ref> ]'s top nine campaign contributors are all financial institutions who have contributed over $2.5 million to the senator.<ref name="Schumer top campaign contributors">{{dead link|date=March 2010}}</ref>


===IndyMac Bank Controversy=== ===IndyMac Bank Controversy===
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On June 26, 2008 Senator Schumer took the extraordinary step of releasing publicly letters he had written to regulators regarding ], the seventh largest ] and the ninth largest originator of mortgage loans in the United States and a severely troubled institution. Schumer wrote he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac." Many depositors at IndyMac panicked and withdrew funds in the 11 days before IndyMac failed.<ref>{{cite news|url=http://afp.google.com/article/ALeqM5jO9e6j2O9_2Tu4DmdpmVTtESO3eA|title=US bank IndyMac seized amid intensifying crisis|author= |publisher=AFP|accessdate=July 14, 2008|date=July 13, 2008}}</ref> On June 26, 2008 Senator Schumer took the extraordinary step of releasing publicly letters he had written to regulators regarding ], the seventh largest ] and the ninth largest originator of mortgage loans in the United States and a severely troubled institution. Schumer wrote he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac." Many depositors at IndyMac panicked and withdrew funds in the 11 days before IndyMac failed.<ref>{{cite news|url=http://afp.google.com/article/ALeqM5jO9e6j2O9_2Tu4DmdpmVTtESO3eA|title=US bank IndyMac seized amid intensifying crisis|author= |publisher=AFP|accessdate=July 14, 2008|date=July 13, 2008}}</ref>


An audit by the Treasury Department's Inspector General would find that the primary causes of IndyMac’s failure were associated with its business strategy of originating and securitizing ] loans on a large scale. When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. IndyMac's reduced liquidity was further exacerbated when account holders withdrew $1.55 billion in deposits in a “run” on the thrift following the public release of the letter. While the run was a contributing factor in the timing of IndyMac’s demise, the underlying cause of the failure was the unsafe and unsound manner in which the thrift was operated.<ref></ref> An audit by the Treasury Department's Inspector General would find that the primary causes of IndyMac’s failure were associated with its business strategy of originating and securitizing ] loans on a large scale. When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. IndyMac's reduced liquidity was further exacerbated when account holders withdrew $1.55 billion in deposits in a “run” on the thrift following the public release of the letter. While the run was a contributing factor in the timing of IndyMac’s demise, the underlying cause of the failure was the unsafe and unsound manner in which the thrift was operated.<ref>{{cite web|url=http://www.ustreas.gov/inspector-general/audit-reports/2009/oig09032.pdf |title=Microsoft Word - Final Report - IndyMac MLR _2-26-2009_.doc |format=PDF |date= |accessdate=March 18, 2010}}</ref>


Director of the ](OTS), ] immediately blamed IndyMac's failure on the release of the letter. Reich said Schumer gave the bank a "heart attack" and opined, "Would the institution have failed without the deposit run? We'll never know the answer to that question."<ref>{{cite news|url=http://online.wsj.com/article/SB121581435073947103.html?mod=googlenews_wsj&apl=y&r=100837|title=Crisis Deepens as Big Bank Fails|author=Damian Paletta and David Enrich|publisher=The Wall Street Journal|accessdate=July 14, 2008|date=July 12, 2008}}</ref> Reich and top deputies later resigned or were removed amidst a Treasury Department audit and investigation revealing that Indymac had been allowed to backdate its financial reports.<ref></ref> Director of the ](OTS), ] immediately blamed IndyMac's failure on the release of the letter. Reich said Schumer gave the bank a "heart attack" and opined, "Would the institution have failed without the deposit run? We'll never know the answer to that question."<ref>{{cite news|url=http://online.wsj.com/article/SB121581435073947103.html?mod=googlenews_wsj&apl=y&r=100837|title=Crisis Deepens as Big Bank Fails|author=Damian Paletta and David Enrich|publisher=The Wall Street Journal|accessdate=July 14, 2008|date=July 12, 2008}}</ref> Reich and top deputies later resigned or were removed amidst a Treasury Department audit and investigation revealing that Indymac had been allowed to backdate its financial reports.<ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601087&sid=a_NjQg96RSdk |title=Treasury’s Watchdog Reviewing Backdating of Capital at Thrifts |publisher=Bloomberg.com |date=March 27, 2009 |accessdate=March 18, 2010}}</ref>


Schumer conceded his actions may have caused some depositors to withdraw their money prematurely but suggested that "if OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today. Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs." He pointed out that "IndyMac was one of the most poorly run and reckless of all the banks," saying "It was a spinoff from the old Countrywide, and like Countrywide, it did all kinds of profligate activities that it never should have. Both IndyMac and Countrywide helped cause the housing crisis we're now in."<ref>{{cite news|url=http://online.wsj.com/article/SB121599747071249831.html?mod=googlenews_wsj|title=Schumer Deflects Blame to IndyMac, Regulator|author=Sarah Lueck|publisher=The Wall Street Journal|accessdate=July 14, 2008|date=July 14, 2008}}</ref><ref>{{cite news|url=http://www.cnn.com/2008/POLITICS/07/13/indymac.schumer/?iref=mpstoryview|title=Schumer: Don't blame me for IndyMac failure|author= |publisher=CNN.com|accessdate=July 14, 2008|date=July 13, 2008}}</ref> Schumer conceded his actions may have caused some depositors to withdraw their money prematurely but suggested that "if OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today. Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs." He pointed out that "IndyMac was one of the most poorly run and reckless of all the banks," saying "It was a spinoff from the old Countrywide, and like Countrywide, it did all kinds of profligate activities that it never should have. Both IndyMac and Countrywide helped cause the housing crisis we're now in."<ref>{{cite news|url=http://online.wsj.com/article/SB121599747071249831.html?mod=googlenews_wsj|title=Schumer Deflects Blame to IndyMac, Regulator|author=Sarah Lueck|publisher=The Wall Street Journal|accessdate=July 14, 2008|date=July 14, 2008}}</ref><ref>{{cite news|url=http://www.cnn.com/2008/POLITICS/07/13/indymac.schumer/?iref=mpstoryview|title=Schumer: Don't blame me for IndyMac failure|author= |publisher=CNN.com|accessdate=July 14, 2008|date=July 13, 2008}}</ref>
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Despite IndyMac's condition before the failure, the financial media criticized the Senator sharply. ] financial analyst ] charged that Schumer was responsible for the "second largest bank failure in US history."<ref>{{cite news|url=http://www.cnbc.com/id/25654303|title=How Chuck Schumer Caused the Second Largest Bank Failure in US History|author=Jerry Bowyer|publisher=CNBC.com|accessdate=July 14, 2008|date=July 12, 2008}}</ref> While opining that IndyMac's failure was only a matter of time, banking consultant Bert Ely termed Schumer's actions "wrong and irresponsible".<ref>{{cite news|url=http://seattletimes.nwsource.com/html/nationworld/2008050120_indymac14.html|title=IndyMac bank crisis signals new takeover era|author= |publisher=The Seattle Times|accessdate=July 14, 2008|date=July 14, 2008}}</ref> Despite IndyMac's condition before the failure, the financial media criticized the Senator sharply. ] financial analyst ] charged that Schumer was responsible for the "second largest bank failure in US history."<ref>{{cite news|url=http://www.cnbc.com/id/25654303|title=How Chuck Schumer Caused the Second Largest Bank Failure in US History|author=Jerry Bowyer|publisher=CNBC.com|accessdate=July 14, 2008|date=July 12, 2008}}</ref> While opining that IndyMac's failure was only a matter of time, banking consultant Bert Ely termed Schumer's actions "wrong and irresponsible".<ref>{{cite news|url=http://seattletimes.nwsource.com/html/nationworld/2008050120_indymac14.html|title=IndyMac bank crisis signals new takeover era|author= |publisher=The Seattle Times|accessdate=July 14, 2008|date=July 14, 2008}}</ref>


Conservative media made much of Senator Schumer's actions on IndyMac. On October 18, 2008, the Wall Street Journal published a story suggesting that Senator Schumer's letter may have been prompted by an investment company's interest in IndyMac.<ref></ref> On December 22, 2008, the ''Washington Post'' reported that OTS regional director in charge had been removed from his position for allowing IndyMac to falsify its financial reporting <ref></ref><ref></ref> That same day, Rush Limbaugh not only continued to blame the Senator but recast IndyMac's July bankruptcy as an "October Surprise" planned by Democrats to help win the 2008 election.<ref></ref> Conservative media made much of Senator Schumer's actions on IndyMac. On October 18, 2008, the Wall Street Journal published a story suggesting that Senator Schumer's letter may have been prompted by an investment company's interest in IndyMac.<ref>{{cite web|last=Schmidt |first=Susan |url=http://online.wsj.com/article/SB122428567636046459.html |title=Schumer Ripped IndyMac as Democratic Donors Probed Books |publisher=Online.wsj.com |date=October 18, 2008 |accessdate=March 18, 2010}}</ref> On December 22, 2008, the ''Washington Post'' reported that OTS regional director in charge had been removed from his position for allowing IndyMac to falsify its financial reporting <ref>{{cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2008/12/22/AR2008122201301_2.html?hpid=topnews&sid=ST2008122202386 |title=Regulator Let IndyMac Bank Falsify Report |publisher=Washingtonpost.com |date= |accessdate=March 18, 2010}}</ref><ref></ref> That same day, Rush Limbaugh not only continued to blame the Senator but recast IndyMac's July bankruptcy as an "October Surprise" planned by Democrats to help win the 2008 election.<ref>{{cite web|url=http://www.rushlimbaugh.com/home/daily/site_122208/content/01125113.guest.html |title=Rush Limbaugh Program Transcript, Dec. 22, 2008 |publisher=Rushlimbaugh.com |date=December 22, 2008 |accessdate=March 18, 2010}}</ref>


===Financial industry regulation=== ===Financial industry regulation===

Revision as of 07:22, 18 March 2010

Chuck Schumer
United States Senator
from New York
Incumbent
Assumed office
January 3, 1999Serving with Kirsten Gillibrand
Preceded byAlfonse D'Amato
Chairman of the Senate Rules Committee
Incumbent
Assumed office
January 3, 2009
Preceded byDianne Feinstein
Member of the U.S. House of Representatives
from New York's 9th district
In office
January 3, 1993 – January 3, 1999
Preceded byThomas J. Manton
Succeeded byAnthony D. Weiner
Member of the U.S. House of Representatives
from New York's 10th district
In office
January 3, 1983 – January 3, 1993
Preceded byMario Biaggi
Succeeded byEd Towns
Member of the U.S. House of Representatives
from New York's 16th district
In office
January 3, 1981 – January 3, 1983
Preceded byElizabeth Holtzman
Succeeded byCharles B. Rangel
Member of the
New York State Assembly
In office
1975–1980
Personal details
NationalityAmerican
Political partyDemocratic
SpouseIris Weinshall
ChildrenJessica Schumer
Alison Schumer
Residence(s)Brooklyn, New York City, New York
Alma materHarvard College (B.A.)
Harvard Law School (J.D.)
OccupationAttorney
WebsiteSenator Charles E. Schumer

Charles Ellis "Chuck" Schumer (born November 23, 1950) is the senior United States Senator from New York and a member of the Democratic Party. First elected in 1998, he defeated three-term Republican incumbent Al D'Amato by a margin of 55%–44%. He was re-elected in 2004.

Before his election to the U.S. Senate, Schumer served in the United States House of Representatives from 1981 to 1999. He represented New York's 16th congressional district, which was later redistricted to the 10th congressional district in 1983 and to the 9th congressional district in 1993. A native of Brooklyn and graduate of Harvard Law School, he was a three-term member of the New York State Assembly, serving from 1975 to 1980.

Schumer was chairman of the Democratic Senatorial Campaign Committee from 2005 to 2009, in which post he oversaw a total of 14 Democratic gains in the Senate in the 2006 and 2008 elections. Elected vice-chairman of the Senate Democratic Caucus in 2006, he is the third-ranking Democrat in the Senate, behind Senate Majority Leader Harry Reid and Senate Majority Whip Dick Durbin.

Early life and education

Schumer was born in Brooklyn to a Jewish family. His parents were Selma Rosen and Abraham Schumer. He attended public schools in Brooklyn, scoring a perfect 1600 on the SAT, and graduated as the valedictorian from James Madison High School in 1967. Schumer competed for Madison High on the It's Academic television quiz show.

He attended Harvard College, where he became interested in politics and campaigned for Eugene McCarthy in 1968. After completing his undergraduate degree, he continued to Harvard Law School, earning his Juris Doctor in 1974. Schumer passed the New York State Bar Exam in early 1975 but never practiced law, entering politics instead.

Schumer's district from 1993 to 1999

State Assemblyman and Congressman

In 1974, Schumer ran for and was elected to the New York State Assembly, becoming, at age 23, the youngest member of the New York legislature since Theodore Roosevelt. He served three terms, from 1975–1980. He has never lost an election.

In 1980, 16th District Congresswoman Elizabeth Holtzman won the Democratic nomination for the Senate seat of Republican Jacob Javits. Schumer ran for Holtzman's vacated House seat and won.

He was re-elected eight times from the Brooklyn and Queens-based district, which changed numbers twice in his tenure (it was numbered the 16th from 1981 to 1983, the 10th from 1983 to 1993 and the 9th from 1993). The 9th is one of the most Democratic districts in New York City, and Schumer never faced a serious or well-funded Republican opponent during this period.

United States Senator

In 1998, Schumer ran for Senate. He won the Democratic Senate primary with 51 percent of the votes against Geraldine Ferraro (21 percent) and Mark Green (19 percent). He then received 55 percent of the vote in the general election, defeating three-term incumbent Republican Al D'Amato (44 percent).

In 2004, Schumer handily won re-election against Republican Assemblyman Howard Mills of Middletown and Conservative Marilyn O'Grady. Many New York Republicans were dismayed by the selection of Mills over the conservative Michael Benjamin, who held significant advantages over Mills in both fundraising and organization. Benjamin publicly accused GOP Chairman Sandy Treadwell and Governor George Pataki of trying to muscle him out of the senate race and undermine the democratic process. Schumer defeated Mills, the second-place finisher, by 2.8 million votes and won reelection with 71 percent of the vote. Schumer won every county in the state except one, Hamilton County in the Adirondacks, the least populated and most Republican county in the state. Mills conceded defeat minutes after the polls closed, before returns had come in.

A SurveyUSA poll from April 2009 placed Schumer's approval rating at 62%, with 31% disapproving.

Political style

Schumer's propensity for publicity is the subject of a running joke among many commentators, leading Bob Dole to quip that "the most dangerous place in Washington is between Charles Schumer and a television camera." Barack Obama joked that Schumer brought along the press to a banquet as his "loved ones." Schumer frequently schedules media appearances on Sundays, in the hope of getting television coverage, typically on subjects other than legislative matters. His use of media has been cited by some as a successful way to raise a politician's profile nationally and among his constituents. Over the years, Schumer has gained a reputation as the go-to legislator among his colleagues for his political and legislative skills in defining issues and bringing them to solution. In Washington he has been the lead consensus builder on the difficult issues of healthcare, immigration, and financial regulation. Schumer has often been referred to as a hybrid of two of New York's most iconic US Senators, the man he served with when elected in 1998, Daniel Patrick Moynihan, and the man he defeated, Al D'Amato. Moynihan, was known as a great intellectual and successful legislator in the senate and D'Amato was well regarded for his constituent service.

Local Issues

Schumer prides himself on visiting every one of New York's 62 counties each year and has successfully done so in each of the 11 years he has served in the United States Senate. He has a reputation for focusing on local issues that are important to average New Yorkers not normally associated with United States Senators, ranging from tourism, to local taxes, to job creation. When it was revealed that Adidas planned to end its contract for the manufactor of NBA jerseys with American Classic Outfitters, an upstate New York apparel company, and outsource production overseas, Schumer blasted the company citing the risk to 100 workers at the plant. When it was revealed that Canon Inc., was considering relocating from its corporate headquarters in Long Island because of a dispute over road infrastructure funding, Schumer stepped in to advocate New York State redirect federal stimulus dollars to make the road improvements and keep the company and its jobs on Long Island. Along with his House and Senate colleagues, Schumer successfully worked to kill a Bush-era privatization plan for custodial and utility workers at the United States Military Academy at West Point. The plan would have called for turning over custodial and utility work to a Georgia company.

Committee assignments

Schumer currently serves on the following Senate Committees in the 111th United States Congress:

Legislative record

Gun Control

While serving in the House of Representatives, Schumer authored the Assault Weapons Ban in 1994 with California Senator Dianne Feinstein, which expired in 2004. The National Rifle Association and other gun groups (see gun politics) have criticized him for allegedly not knowing much about guns, pointing to various errors regarding the subject. Supporters of gun control legislation, however, give him much of the credit for passage of both the Assault Weapons Ban and the Brady Handgun Violence Prevention Act despite intense lobbying from opponents. The Assault Weapons Ban, which banned semi-automatic rifles, shotguns, and handguns possessing certain cosmetic features, expired in September 2004 despite attempts by Schumer to extend it. He was one of 16 Senators to vote against the Vitter Amendment, which prohibited the confiscation of legally owned firearms during a disaster. While a target of the NRA-lobby, Schumer has supported hunters sponsoring legislation to provide millions in outdoor recreation grants to landowners who allow hunting and fishing on their private property. Field and Stream Magazine designated Schumer one of their 2008 Hero Awards for his efforts. Schumer is also a supporter of providing hunters with tax deductions for donating venison and other game to feeding programs.

Abortion

Schumer is strongly pro-choice, and has been give a 100 percent rating by NARAL. He voted against the Partial-Birth Abortion Ban Act.

Consumer protection

Schumer has focused a great deal of his legislative attention on consumer protection issues. Schumer passed landmark consumer protection legislation that required uniform disclosure information on the back of credit card applications, notifying prospective cardholders of annual fees and interest rates. This standardized information is now referred to as the Schumer Box. The senator has also aggressively pushed to end the practice of ATM "double-dipping", whereby banks charge customers ATM fees twice, once when using a bank other than their own and again by the customer's own bank for using an ATM outside their personal bank's network. Schumer has also been a leader on protecting US consumers, particularly children, from toxins in both children's toys and baby products. With Congresswoman Nita Lowey he has been working to ban the chemical bisphenol A, or BPA, often found in baby bottles and plastic children's food containers. The Canadian government has already banned the chemical in baby bottles and children's products. Schumer is also seeking a ban on the use of cadmium, a carcinogen known to impede brain development in children, in toys and children's jewelry. When sham companies began selling phony gloves, pills, inhalers, shampoos and other products during the Swine Flu scare, Schumer urged the Federal Trade Commission to open an investigation to crack down on the practice. In the end, The FTC put 10 companiess on notice and identified a total of 140 scams.

Schumer has been a champion of college tuition tax credits, calling for and passing a $4,000 tuition tax credit for students as part of a host of tax credits and cuts passed to stimulate the economy in the 2009 American Reinvestment and Recovery Act (AARA).

He received a "A" on the most recent (2008) Drum Major Institute's Congressional Scorecard on middle-class issues.

Homeland Security

As a senator from New York, Schumer has worked to secure billions of dollars in homeland security funds for New York State and City and provide resources to its first responders. He delivered over $20 billion dollars in to New York to support the states security and recovery efforts after the 9/11 terrorist attack on New York City and worked to deliver $200 million in Homeland Security funds to protect New York City mass transit.

Schumer has been a leader in the fight to fully fund the FIRE Grant program, administered by the Federal Emergency Management Agency (FEMA). The program allows fire departments and first responders nationwide to apply for grant funding for major purchases that localities have difficulty absorbing, namely appparatus and emergency vehicles. When the Bush administration pushed a plan to reduce the program from $1 billion to just under $300 million, Schumer helped lead an effort with local firefighters to block the cuts.

In 2006, Schumer led a bipartisan effort, with the help of Republicans like Congressman Peter T. King (NY), to stop a deal approved by the Bush administration to transfer control of six United States ports to a corporation owned by the government of United Arab Emirates (UAE), Dubai Ports World. (See Dubai Ports World controversy.) The 9/11 Commission reported that, despite recent alliances with the U.S., the UAE had strong ties to Osama bin Laden and Al Qaeda prior to the September 11, 2001 attacks on World Trade Center and the Pentagon. The measure in the House was H.R 4807, and in the Senate, S. 2333; these were introduced to require a 45 day review of this transfer of ownership. On March 9, 2006, Dubai Ports World withdrew its application to operate the ports.

Foreign policy

Schumer was a supporter of the Iraq War Resolution, is an AIPAC member, and a strident pro-Israel member of Congress, although he was very critical of President George W. Bush's strategy in the Iraq War; he suggested that a commission of ex-generals be appointed to review it. Nat Hentoff of the Village Voice has criticized Schumer for his stance on the issue of torture.

The senator also is involved with legislation to address the Darfur genocide. Last year, he cosponsored two bills calling for peace in Darfur. Both bills, S.455 and S.684, passed in the Senate. He also voted in favor of measures to help increase the efficiency of peace keepers serving in Darfur.

Schumer, along with Republican Senator Lindsey Graham of South Carolina, have been highly critical of Chinese currency manipulation. They have repeatedly called on the White House, under both the Bush and Obama administrations, to exercise authority granted to the Commerce Department under a 1988 law to find China guilty of currency manipulation. Schumer and Graham have introduced legislation in three successive Congresses to hold China accountable for their actions in undervaluing the yuan and the resulting trade imbalance between the United States and China.

In a June 3, 2008 op-ed in the Wall Street Journal, Schumer wrote that cooperative economic sanctions from the U.S., Britain, France, Germany, Russia and China could topple Iran's theocratic government. In discussing the importance of Russia's cooperation, Schumer stated that "Mr. Putin is an old-fashioned nationalist who seeks to regain the power and greatness Russia had before the fall of the Soviet Union." He followed it up by noting that "The antimissile system strengthens the relationship between Eastern Europe and NATO, with real troops and equipment on the ground. It mocks Mr. Putin's dream of eventually restoring Russian hegemony over Eastern Europe." The East European Coalition sent Schumer a letter on June 10, 2008 regarding the article. In their letter they wrote "As a supporter of democracy for the nations of Eastern Europe, which suffered greatly under "Russian hegemony over Eastern Europe," your suggestion that these nations be used as bargaining chips in order to appease Russia is troubling, inexplicable and unacceptable."

LGBT rights

Schumer at New York City's gay pride parade in 2007.

In March, 2009 Sen. Schumer announced his support for same-sex marriage, noting that it "was time." Schumer previously supported civil unions. At a private risotto dinner with gay leaders at the Gramercy Tavern on March 22, 2009, Schumer said he not only now supports same-sex marriage, but also backs a full reversal of the Defense of Marriage Act. When the New York State Senate took up a bill to legalize gay marriage in December 2009, Schumer, along with other state-wide officials, aggressively lobbied wavering senators to support the legislation.

Clinton impeachment

Schumer has the distinction of voting "no" on the impeachment charges of President Bill Clinton in both houses of Congress. Schumer was a member of the House of Representatives (and Judiciary Committee member) during a December 1998 lame-duck session of Congress, voting "no" on all counts in Committee and on the floor of the House. In January 1999, Schumer, as a newly elected member of the Senate, also voted "not guilty" on the two impeachment charges.

He shares that distinction with Jim Bunning (R-Kentucky) and Mike Crapo (R-Idaho). All three had been House members elected to the Senate in the 1998 elections. Unlike Schumer, however, Bunning and Crapo voted "yes" on all four counts in the House and "guilty" on the two impeachment charges in the Senate.

U.S. Attorney firings

See also: Dismissal of U.S. attorneys controversy

As chair of the Subcommittee on Administrative Oversight and the Courts, Schumer took a lead role in the investigation of the dismissal of U.S. attorneys controversy. Although he was at one point criticized for being a lead investigator of the affair while also chairing the Democratic Senatorial Campaign Committee, such criticism was not sustained after the full dimensions of the controversy became apparent.

On March 11, 2007, Schumer became the first lawmaker in either chamber to call for Attorney General Alberto Gonzales to resign for the firing of eight United States Attorneys. In an interview on CBS News' Face the Nation, Schumer said that Gonzales "doesn't accept or doesn't understand that he is no longer just the president's lawyer." When Gonzales' chief of staff, Kyle Sampson, resigned on March 13, Schumer said during a press conference that Gonzales was "carrying out the political wishes of the president" and declared that Sampson would "not be the next Scooter Libby," meaning that he did not accept that Sampson had sole responsibility for the attorney's controversy.

Schumer, like other members of the Senate Judiciary Committee from both parties, was angered during Gonzales' testimony on April 19, 2007; Gonzales answered many times that he didn't know or couldn't recall details about the controversy. When Schumer's turn came to ask his last round of questions, he instead repeated his call for Gonzales to resign, saying that there was no point to further questioning since Gonzales had "answered, 'I don't know' or 'I can't recall' to close to a hundred questions" concerning the firings (most press reports counted 71 instances) and didn't seem to know about the inner workings of his own department. Gonzales responded that the onus was on the committee to prove whether anything improper occurred. Schumer replied that Gonzales faced a higher standard, and that under this standard he had to give "a full, complete and convincing explanation" for why the eight attorneys were fired.

Mukasey nomination

Gonzales resigned on September 17, and Schumer personally introduced Bush's choice to replace Gonzales, former federal judge Michael Mukasey.

Despite appearing troubled by Mukasey's refusal to declare in public that waterboarding was illegal torture, Schumer announced on November 2 that he would vote to confirm Mukasey. Schumer said that Mukasey assured him in a private meeting that he would enforce any law declaring waterboarding illegal. Schumer also said that Mukasey told him Bush would have "no legal authority" to ignore such a law.

Schumer voted to recommend Michael Mukasey for confirmation as U.S. Attorney General. Schumer, along with fellow Democratic Senator Dianne Feinstein, allowed the confirmation to move on to the full Senate.

Subprime mortgage and foreclosure crisis

See also: United States housing bubble

On April 6, 2005 Alan Greenspan testified to Congress about the enormous portfolio of Fannie Mae and Freddie Mac. Schumer responded to the testimony "I see an analogy to Social Security," Mr. Schumer said. "Social Security has a problem and there are ideologues who want to undo it. Fannie and Freddie have problems, and there are ideologues who want to undo them. But there are ways to fix the problems short of what's been proposed. When the sink is broken, you don't want to tear down the house."

Without identifying anyone in particular, Schumer also suggested that some people who have advanced tougher regulation of the two housing finance companies were really pushing a broader agenda to eliminate the companies and their mission of providing affordable housing. He proposed that the OFHEO raise Fannie Mae and Freddie Mac's conforming loan ("affordable") limits from $417,000 to $625,000, thereby allowing these GSEs to back mortgages on homes prices up to $780,000 with a 20 percent down payment.

Following the meltdown of the subprime mortgage industry in March 2007, Schumer proposed a federal government bailout of subprime borrowers in order to save homeowners from losing their residences and to shore up communities that were seeing neighborhoods destabilized due to foreclosures and the resultant decreases in neighboring home values. As part of a package of regulatory reforms Schumer has pushed in response to the subprime foreclosure crisis he called for the creation of mortgage industry regulator to protect borrowers from deceptive lending practices and called for the Securities and Exchange Commission to relocate from Washington to New York so that it was in closer proximity to the industry it was charged with overseeing.

Schumer's top nine campaign contributors are all financial institutions who have contributed over $2.5 million to the senator.

IndyMac Bank Controversy

On June 26, 2008 Senator Schumer took the extraordinary step of releasing publicly letters he had written to regulators regarding IndyMac Bank, the seventh largest Savings and Loan and the ninth largest originator of mortgage loans in the United States and a severely troubled institution. Schumer wrote he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers and that the regulatory community may not be prepared to take measures that would help prevent the collapse of IndyMac." Many depositors at IndyMac panicked and withdrew funds in the 11 days before IndyMac failed.

An audit by the Treasury Department's Inspector General would find that the primary causes of IndyMac’s failure were associated with its business strategy of originating and securitizing Alt-A loans on a large scale. When home prices declined in the latter half of 2007 and the secondary mortgage market collapsed, IndyMac was forced to hold $10.7 billion of loans it could not sell in the secondary market. IndyMac's reduced liquidity was further exacerbated when account holders withdrew $1.55 billion in deposits in a “run” on the thrift following the public release of the letter. While the run was a contributing factor in the timing of IndyMac’s demise, the underlying cause of the failure was the unsafe and unsound manner in which the thrift was operated.

Director of the Office of Thrift Supervision(OTS), John Reich immediately blamed IndyMac's failure on the release of the letter. Reich said Schumer gave the bank a "heart attack" and opined, "Would the institution have failed without the deposit run? We'll never know the answer to that question." Reich and top deputies later resigned or were removed amidst a Treasury Department audit and investigation revealing that Indymac had been allowed to backdate its financial reports.

Schumer conceded his actions may have caused some depositors to withdraw their money prematurely but suggested that "if OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today. Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs." He pointed out that "IndyMac was one of the most poorly run and reckless of all the banks," saying "It was a spinoff from the old Countrywide, and like Countrywide, it did all kinds of profligate activities that it never should have. Both IndyMac and Countrywide helped cause the housing crisis we're now in."

Despite IndyMac's condition before the failure, the financial media criticized the Senator sharply. CNBC financial analyst Jerry Bowyer charged that Schumer was responsible for the "second largest bank failure in US history." While opining that IndyMac's failure was only a matter of time, banking consultant Bert Ely termed Schumer's actions "wrong and irresponsible".

Conservative media made much of Senator Schumer's actions on IndyMac. On October 18, 2008, the Wall Street Journal published a story suggesting that Senator Schumer's letter may have been prompted by an investment company's interest in IndyMac. On December 22, 2008, the Washington Post reported that OTS regional director in charge had been removed from his position for allowing IndyMac to falsify its financial reporting That same day, Rush Limbaugh not only continued to blame the Senator but recast IndyMac's July bankruptcy as an "October Surprise" planned by Democrats to help win the 2008 election.

Financial industry regulation

Then-congressman Schumer in 1987, in opposition to the repeal of the Glass-Steagall Act of 1933, wrote in a New York Times op-ed: Don't Let Banks Become Casinos, wrote “Citing the pressures of rigorous worldwide competition in financial services, large American banks are pleading for the repeal of the Glass-Steagall Act, a law that keeps banks out of the more volatile and risky world of securities transactions. Their entreaties should be resisted...”

Senator Schumer in 1999, in support of Congress’s repeal of the Glass-Steagall Act of 1933, commented: "There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive."

The Securities and Investment industry is the largest donor to Schumer’s senatorial campaigns.

On December 14, 2008 the New York Times published an article on Schumer's role in the Wall Street meltdown. The article stated that Schumer "embraced the industry’s free-market, deregulatory agenda more than any other Democrat in Congress, even backing measures now blamed for contributing to the financial crisis... Schumer took steps to protect industry players from government oversight and tougher rules, a review of his record shows. Over the years, he has also helped save financial institutions billions of dollars in higher taxes or fees. He succeeded in limiting efforts to regulate credit-rating agencies." This article also charged that Schumer blocked ratings agencies reforms proposed by the Bush Administration and the Cox SEC.

In his a book set to be released in March 2010, "No One Would Listen," Madoff whistleblower Harry Markopolos passes along an unsourced claim that Schumer called the SEC for information about the Madoff investigation.

"Porky" Amendments Controversy

While debating the American Recovery and Reinvestment Act of 2009, Schumer drew criticism when he asserted that Americans did not care that 'porky' amendments had been inserted into the bill. Said Schumer, "And let me say this to all the chattering classes that so much focus on those little, tiny, yes porky amendments. The American people really don’t care."

Flight attendant controversy

After being asked by a flight attendant to turn off his cell phone during take-off of a US Airways flight from New York to Washington D.C. on December 13, 2009, Schumer allegedly called the flight attendant a "bitch." Schumer allegedly made the comment to fellow New York Senator Kirsten Gillibrand, who was seated next to him, but was overheard by a Republican House aide who happened to be on the plane. After the story was reported on Politico.com, Schumer issued an apology through a spokesperson for the "off-the-cuff comment".

Democratic Senatorial Campaign Committee

File:DSCC DNC 2008.jpg
Schumer, flanked by Democratic Senate challengers, speaks during the third day of the 2008 Democratic National Convention in Denver, Colorado, in his capacity as chair of the DSCC.

Schumer was the chairman of the Democratic Senatorial Campaign Committee, part of the Democratic Senate Leadership, with primary responsibility for raising funds and recruiting candidates for the Democrats in the 2006 Senate election. When he took this post, he announced that he would not run for Governor of New York in 2006, as many had speculated he would. This step avoided a potentially divisive gubernatorial primary election in 2006 between Schumer and Eliot Spitzer, then New York's attorney general.

His tenure as DSCC chair was successful. In the 2006 elections, the Democratic Party gained six seats in the Senate, defeating incumbents in each of those races and regaining control of the Senate for the first time since 2002. Of the closely contested races in the Senate in 2006, the Democrats lost only one, in Tennessee. Senate Majority Leader-to-be Harry Reid persuaded Schumer to serve another term as DSCC chair.

In September 2005, two staff employees of the DSCC illegally obtained a copy of the credit report of Lieutenant Governor of Maryland Michael S. Steele, a Republican senatorial candidate, posing as him and using his social security number. Upon learning this, the committee's executive director notified the U.S. attorney's office, and suspended the involved staffers. They are currently under investigation by the FBI. Schumer has not been implicated in the incident, and a spokesperson for the DSCC has said, "Chuck's only involvement was to report this matter to the authorities immediately after first learning about it."

In 2009, for the 111th Congress, Schumer has been replaced by Bob Menendez of New Jersey as the DSCC chair.

Personal life

Schumer and his wife, Iris Weinshall, were married September 21, 1980. The ceremony took place at Windows on the World at the top of the north tower of the World Trade Center. Weinshall was the New York City Commissioner of Transportation. The Schumers have two daughters, Jessica and Alison. They live in Park Slope, Brooklyn.

While Congress is in session, Schumer lives in a rented house with fellow Democratic politicians George Miller, Dick Durbin, and Bill Delahunt.

In January 2007, he published a book called Positively American, outlining strategies with which Democrats could court middle-class voters.

Electoral history

See also: United States Senate election in New York, 1998 See also: United States Senate election in New York, 2004 See also: United States Senate election in New York, 2010

1998 New York Democratic United States Senatorial Primary Election

Chuck Schumer 51%
Geraldine Ferraro 21%
Mark J. Green 19%

1998 New York United States Senatorial Election

Chuck Schumer (D) 55%
Al D'Amato (R) (inc.) 44%

2004 New York United States Senatorial Election

Chuck Schumer (D) (inc.) 70.6%
Howard Mills III (Republican) 24.6%
Marilyn F. O'Grady (Conservative) 3.4%
David McReynolds (Green) 0.5%
Donald Silberger (Lib.) 0.3%
Abraham Hirschfeld (Builders Party) 0.2%
Martin Koppel (Socialist Workers) 0.2%

2010 New York United States Senatorial Election

Senator Schumer is up for re-election in 2010.

Footnotes

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  4. Sam Roberts, The New York Times, For Schumer, a Chance to Relive a 1960s Quiz Show, March 5, 2007. Retrieved March 6, 2007.
  5. "College and Law School (1968–1974)". United States Senate. Retrieved July 18, 2008.
  6. Bruni, Frank (October 26, 1998). "For Schumer, a Decades-Long Drive Toward a Quest for the Senate". Thbe New York Times. Retrieved July 18, 2008.
  7. "Chuck Schumer". The Washington Post. Retrieved April 4, 2008.
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  11. ^ Senate hopeful claims GOP bosses snubbed him. Albany Times-Union, February 25, 2004.
  12. ^ Major Parties to Anoint their Senate Combatants. Humbert, Mark. Associated Press, May 15, 2004.
  13. "Survey USA". Survey USA. Retrieved March 18, 2010.
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  16. "Obama Al Smith Transcript - Baarack Obama Comedy Speech Transcript - About.com". Politicalhumor.about.com. October 16, 2008. Retrieved March 18, 2010.
  17. Mom, Drunk. "Obama, McCain comedy riffs; Obama middle name really "Steve" Transcripts – Lynn Sweet". Blogs.suntimes.com. Retrieved March 18, 2010.
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  20. "Chuck Schumer, Legislator | The New York Observer". Observer.com. November 3, 2009. Retrieved March 18, 2010.
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  26. Rhett, Joshua. "Adidas Might Slam Dunk Nearly 100 American Workers in NBA Uniform Change". FOXNews.com. Retrieved March 18, 2010.
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  31. Chuck Schumer NARAL
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  33. "Sen. Schumer rips banks' 'double-dipping' on ATM fees". Nydailynews.com. December 7, 2009. Retrieved March 18, 2010.
  34.    (April 18, 2008). "Schumer to introduce BPA bill - 4/18/08 - New York News and Tri-State News - 7online.com". Abclocal.go.com. Retrieved March 18, 2010.{{cite web}}: CS1 maint: extra punctuation (link)
  35. "Canada Bans BPA From Baby Bottles". washingtonpost.com. Retrieved March 18, 2010.
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  38. Dick Blume / The Post-Standard. "Schumer pushes for new college tuition tax credit while visiting Syracuse University | News from The Post-Standard". Syracuse.com. Retrieved March 18, 2010.
  39. "drummajorinstitute.com". drummajorinstitute.com. Retrieved March 18, 2010.
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  42. "Schumer, Boehlert, vow to fight Bush's FIRE grant restrictions". AuburnPub.com. February 10, 2005. Retrieved March 18, 2010.
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  44. Error in Webarchive template: Empty url.
  45. Nat Hentoff, the Village Voice, What the Democrats Must Do, November 26, 2006. Retrieved January 26, 2007.
  46. Ebey Soman, Socyberty, Senator Schumer on Darfur Genocide, September 16, 2009. Retrieved November 1, 2009.
  47. "Chinese Currency Stirs Debate in U.S. Congress". NPR. April 17, 2006. Retrieved March 18, 2010.
  48. Schumer, Chuck (June 3, 2008), "Russia Can Be Part of the Answer on Iran", Wall Street Journal, pp. A19
  49. Central and East European Coalition. "Dear Senator Schumer" (PDF). Retrieved August 10, 2008.
  50. http://www.nytimes.com/2009/03/24/nyregion/24schumer.html
  51. "Schumer Comes Out For Gay Marriage (Updated)". Nydailynews.com. March 23, 2009. Retrieved March 18, 2010.
  52. http://www.nytimes.com/2009/12/04/nyregion/04marriage.html
  53. Brune, Tom (March 31, 2007). "Schumer again takes aim on White House". Newsday. Retrieved April 11, 2007.
  54. "MTP Transcript for Mar. 18, 2007". MSNBC.com. March 18, 2007. Retrieved April 11, 2007.
  55. "Transcript: Pennsylvania Senator Arlen Specter on 'FNS'". Fox News. March 19, 2007. Retrieved April 11, 2007.
  56. "Transcript: Newt Gingrich, Senator Charles Schumer on 'FNS'". Fox News. 2007-04—08. Retrieved April 11, 2007. {{cite news}}: Check date values in: |date= (help)
  57. Goldfarb, Zachary. "March 11: Schumer calls on Gonzales to resign – The Talk". Blog.washingtonpost.com. Retrieved March 18, 2010.
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  69. "Treasury's Watchdog Reviewing Backdating of Capital at Thrifts". Bloomberg.com. March 27, 2009. Retrieved March 18, 2010.
  70. Sarah Lueck (July 14, 2008). "Schumer Deflects Blame to IndyMac, Regulator". The Wall Street Journal. Retrieved July 14, 2008.
  71. "Schumer: Don't blame me for IndyMac failure". CNN.com. July 13, 2008. Retrieved July 14, 2008.
  72. Jerry Bowyer (July 12, 2008). "How Chuck Schumer Caused the Second Largest Bank Failure in US History". CNBC.com. Retrieved July 14, 2008.
  73. "IndyMac bank crisis signals new takeover era". The Seattle Times. July 14, 2008. Retrieved July 14, 2008.
  74. Schmidt, Susan (October 18, 2008). "Schumer Ripped IndyMac as Democratic Donors Probed Books". Online.wsj.com. Retrieved March 18, 2010.
  75. "Regulator Let IndyMac Bank Falsify Report". Washingtonpost.com. Retrieved March 18, 2010.
  76. Irregularity Uncovered at IndyMac
  77. "Rush Limbaugh Program Transcript, Dec. 22, 2008". Rushlimbaugh.com. December 22, 2008. Retrieved March 18, 2010.
  78. New York Times, August 26, 1987, p. A23.
  79. New York Times, November 1, 1999, p 1.
  80. http://www.opensecrets.org/politicians/summary.php?cid=N00001093&cycle=2010, retrieved 1/4/2010
  81. http://www.nytimes.com/2008/12/14/business/14schumer.html
  82. Elizabeth Moore (February 12, 2009). "Sen. Schumer's "pork" comment draws ire". News Day. Retrieved February 12, 2009.
  83. url=http://www.youtube.com/watch?v=JEfICUoWKBw&eurl=http://www.newsday.com/news/nationworld/nation/ny-usschu126032409feb12,0,3020515.story
  84. Hernandez, Raymond (December 16, 2009). "Word Prompts Apology From Schumer". The New York Times. Retrieved December 27, 2009.
  85. Error in Webarchive template: Empty url.
  86. Photo from Senate bio. Retrieved January 26, 2007.
  87. Error in Webarchive template: Empty url.
  88. New York Times– Taking Power, Sharing Cereal, January 18, 2007
  89. PositivelyAmericanBook.com

External links

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New York State Assembly
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