The Obama administration wants a Wall Street banker to regulate big banks

Mic

Shortly after supporting a spending bill that unraveled crucial Wall Street regulations, the White House is doubling down on its pick of a Wall Street banker for the third most powerful position at the Treasury Department.

Antonio Weiss, an investment banker at Lazard Ltd., was nominated for undersecretary for domestic finance at the Department of the Treasury by the Obama administration last month. His nomination has become a lightning rod in a Democratic Party fighting over its economic message — and senators like Elizabeth Warren (D-Mass.) are furious.

+ Sen. Bernie Sanders (I-Vt.) has revealed plans to launch a grassroots campaign to finally break Wall Street's death-grip on the U.S. economy.