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Home » Former Wall Street Banker Challenges Ocasio-Cortez in Democratic Primary
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Former Wall Street Banker Challenges Ocasio-Cortez in Democratic Primary

OmowunmiBy OmowunmiMarch 18, 20243 Mins Read
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A picture of Democratic Rep Alexandria Ocasio-Cortez
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A picture of Democratic Rep Alexandria Ocasio-Cortez
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Rep. Alexandria Ocasio-Cortez’s victory in the 2018 congressional election sent shockwaves through the political landscape. Her defeat of longtime incumbent Joe Crowley sparked significant political upheaval. Joe was considered a potential successor to Nancy Pelosi as Democratic House leader.

This summer, a former Wall Street banker aims to replicate Ocasio-Cortez’s upset victory over Crowley.

Marty Dolan, 66, is a former Jefferies Financial Group Inc. employee at Morgan Stanley. He is running against Ocasio-Cortez for the 14th Congressional District seat in New York.

Ocasio-Cortez held this seat securely for the past six years, representing a district Dolan criticizes as having seen slight improvement under her leadership.

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If successful, Marty Dolan’s victory would be a significant setback for the Democratic Socialists of America. Given their substantial influence in the city, particularly in areas like the Bronx and northern Queens, encompassed by the District 14 seat.

Dolan criticizes Ocasio-Cortez and her socialist colleagues for what he perceives as excessive measures, particularly regarding the economy and crime. Also, the issue of illegal migration.

“We are all for the ‘progress’ implied by the word progressive; however, within the progressive movement, there are radicals whose influence on the Democratic Party is overweight,” Dolan wrote on his campaign website.

“The impact in NYC is obvious: bail reform a disaster, the National Guard in the subway, toothpaste locked up in drugstores but criminals running free, scarce resources directed to (non-sanctuary) immigrants coming from all over the world.”

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Dolan emphasizes the urgency of addressing significant challenges, such as the $34 trillion federal debt and the city’s 14% marginal tax rate. “Losing 500,000 taxpayers is unsustainable: fixing this must be our overwhelming priority,” Dolan wrote.

“The radicals can’t deliver more than breadcrumbs when they ignore that the primary breadwinners are leaving and brush off taxpayer concerns in favor of abstract populist ideologies. Enough is enough.”

Dolan’s candidacy marks the first challenge to the influential “Squad” member in four years. He is currently working to collect the required signatures to secure a place on the ballot for this year’s Democratic primary.

Dethroning Ocasio-Cortez will indeed be a formidable task. At 29, she made history as the youngest woman ever elected to Congress.

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She holds a prominent place in pop culture with widespread name recognition and significant popularity among young voters. Despite this, Dolan believes her support may have waned among constituents.

“There’s a lot of people who, even in Queens and the Bronx, think, ‘What has she done for us?'” Dolan told Bloomberg.

As of January 1, Ocasio-Cortez reportedly had $5.7 million in cash on hand, significantly more than Dolan’s campaign, which has raised just $58,000 thus far. Most of the funds, $55,000, come from loans Dolan made to his own campaign. 

Dolan boasts an MBA from Harvard Business School and a background in the global risk insurance sector. There, he aided firms in recovering from various crises, including the World Trade Center attacks and the global financial crisis, as stated on his website.

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