Wyden is next in line for the top Democratic spot on the Senate Finance Committee, now that Chairman Max Baucus is retiring.
Few people would comment on the record about the Finance Committee’s future or speculate openly on Schumer’s next move, but the chatter about Schumer is largely wishful thinking by Wall Street lobbyists. Wyden deflected questions Tuesday about his future.
“The Senate will be a very different place” without Baucus, Wyden said. “My bottom line is the country is expecting the Finance Committee in the next two years to focus on the country’s priorities, including improving the fiscal picture, fixing this broken, dysfunctional mess of a tax code, dealing with what is demographic tsunami with huge implications for Medicare. So what I’m going to be focusing on are those issues. ... I’m just going to leave it at that.”
Wyden has often clashed with Baucus, who did quite a bit of clashing with other Democrats himself. In the week leading up to his announcement, Baucus bucked President Barack Obama and Democratic leadership on a background check vote and called their signature health care law “a train wreck” to implement. In his statement on Baucus’ retirement, Obama did not mention health care.
Of course, many Democrats blame Baucus for dragging out bipartisan negotiations on health care and then failing, after five months, to produce a compromise bill.
Baucus said he viewed his retirement as an opportunity to do the massive tax code rewrite that has eluded him for years, yet the bad blood between him and the White House and leadership makes that prospect seem dim.
According to sources in both parties, Baucus’ pull, especially with Reid, has declined significantly in the months since the departure of two of his top aides, Russ Sullivan and Jon Selib. Aides who worked with Baucus staff regularly noted that the longtime aides were smart, dynamic and trusted even outside “Baucusworld.” Even when Baucus irked other senators personally, his team was able to compensate. These same sources noted that Baucus’ new top team has not gotten a lot of time in trying to rebuild the credibility when other staff departed.
The strain between Baucus and leaders did not go unnoticed by colleagues.
The top-ranking Republican on the Finance Committee, Orrin G. Hatch of Utah, said he thinks the panel has been prevented from doing its work by Democratic leadership.
“I can’t speak for Sen. Baucus, but the Finance Committee has not been treated as it should be treated,” Hatch said. “We are going to put a stop to that.”
Asked what action the panel could take, Hatch said, “There are lots of ways. It may not happen overnight, but there are lots of ways. Don’t ever think that committee isn’t powerful. It’s still very, very powerful.”
Some sources argue that the way for the panel to be more powerful would be for Democrats to force Wyden to stay at Energy and to elevate Schumer. They point to the evolution of the Senate Budget Committee, which changed hands this Congress from the retired Kent Conrad to Sen. Patty Murray, D-Wash. Conrad often veered from leadership’s path in pursuit of a grand budget deal with Republicans, leading Reid to block attempts at a Senate budget for three years. Murray and Schumer are Reid confidants, while Baucus and Wyden are in the Conrad category, sources say.
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.