Senate Banking Chairman Chris Dodd (D-Conn.) canceled plans to attend a Monday fundraiser for Sen. Kirsten Gillibrand (D-N.Y.) with donors connected to the financial services industry, saying he has to stay in Washington to lead debate over the Wall Street regulation bill.
Bryan DeAngelis, a Dodd spokesman, said his boss supports Gillibrand's reelection bid, but that the timing of the event forced him to back out.
"Monday’s event was scheduled before we knew when Dodd's Wall Street reform bill would come to floor," DeAngelis said. "Dodd will now have to remain in DC to manage the floor debate on his bill. He looks forward to working with Sen. Gillibrand, who strongly supports this legislation, to bring tough new rules and accountability to Wall Street.”
POLITICO and other news outlets reported Thursday about the event, which raised eyebrows because the bill could impact the work of some of the donors attending the event. And Democratic leaders have been fiercely criticizing Republicans for fundraising they've done with Wall Street titans - even though both parties raise enormous sums of cash from the sector.
There are no votes scheduled in the Senate Monday, but the bill will be open for debate.
Gillibrand's office says there is no conflict with the event - given her support for new rules for the financial sector - and that the event is not an industry fundraiser since the attendees are long-time Democratic donors.
Gillibrand is still expected to attend the Manhattan fundraiser, which will take place at the Park Avenue home of Ralph Schlosstein, who is the CEO of the investment firm Evercore and used to work at Lehman Brothers Holdings. His wife Jane Hartley is a prominent Democratic donor.
Also attending were Roger Altman, a former Clinton administration Treasury Department official and founder of Evercore; Leo Hindery, managing partner of a New York-based private equity fund; David Topper, vice chairman of J.P. Morgan’s investment banking outfit; Latham & Watkins attorney Wiltold Balaban, who has represented Goldman Sachs, J.P. Morgan and Bank of America; hedge fund investor James Torrey; and Richard Beattie, a New York-based attorney who participated in the $58-billion acquisition of Bank One Corp. by J.P. Morgan.