Published: Thu, January 17, 2019
Markets | By Erika Turner

Ocasio-Cortez questions Trump’s wealth after presidential swipe

Ocasio-Cortez questions Trump’s wealth after presidential swipe

Rep. Alexandria Ocasio-Cortez has secured a seat on the powerful House Financial Services Committee, which oversees Wall Street, the Federal Reserve, and the Securities and Exchange Commission.

Even if it didn't, Oscasio-Cortez's ensuing comment about Trump's income could strike a nerve: Trump has long claimed to be a self-made billionaire, although a landmark New York Times report in October claimed $413 million of his empire was from his father.

Because the committee plays a big role in setting policies for banks, hedge funds and insurers, its members are often known for their fundraising prowess.

It also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. The 29-year-old socialist Democrat from the Bronx is part of a new wave of lawmakers who've denounced income inequality, while demanding that the biggest earners pay much higher taxes. But the second vote will likely be akin to a rubber stamp now that the steering committee has already approved her membership.

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Ocasio-Cortez was elected in November after a major Democratic primary upset in June when she unseated the 10-term incumbent Joe Crowley, whose name had been floated as a potential House speaker.

Democratic leaders reportedly tapped Ocasio-Cortez- as well as Rep. Katie Porter (D-CA), Rep. Rashida Tlaib (D-CA), Rep. Tulsi Gabbard (D-HI), and Rep. Ayanna Pressley (D-MA)- to be on the committee.

Ocasio-Cortez complained in the interview that the media was "focusing on taking quotes out of context or manipulating them or making it seem as though I said things that I didn't say".

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