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Politics of Wall Street: Dueling Democrats in NYC

NEW YORK ( TheStreet) - Democrats are dueling over the House seat representing Manhattan's east side - aka New York's 14th district - in a primary battle that pits a former hedge fund lawyer against a nine-term incumbent who helped craft the financial reform and consumer protection laws opposed by many banks in the district.

As you'd expect, Wall Street politics feature prominently in this race. It seems to boil down to who is better suited to rein in the banking industry - Reshma Saujani , a political newcomer who understands the inner workings of hedge funds - or Carolyn Maloney, who represented the district since 1992 and can take at least partial credit for the financial reforms already in place.

This Democrat stronghold is home to many banks and constituents who work for banks. As described by the AP, "many voters in New York City's wealthy 14th Congressional District work in the financial industry and have resisted efforts by Congress to reform Wall Street's practices even after the near-crash of the financial industry."

It will be interesting to see who comes out on top after the Sept. 14 primary election. Whoever wins the primary is likely to win the seat, since Republican opponents have failed to capture more than 20% of the votes since 2002.

Looking over the campaign Web sites of the Democratic contenders, Maloney is short on specifics about what she may do next in terms of legislation that would impact Wall Street and investors, while Saujani's site spells out many specific proposals to change how derivatives are traded, putting ratings agencies under the SEC's scrutiny and creating a "systemic risk regulator" with power to force financial firms to take "corrective actions."

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