{"id":567409,"date":"2023-03-25T22:00:00","date_gmt":"2023-03-25T19:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bank-failures-become-flashpoints-in-emerging-2024-field\/"},"modified":"2023-03-25T22:00:00","modified_gmt":"2023-03-25T19:00:00","slug":"bank-failures-become-flashpoints-in-emerging-2024-field","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bank-failures-become-flashpoints-in-emerging-2024-field\/","title":{"rendered":"#Bank failures become flashpoints in emerging 2024 field"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/porterkatie_leebarbara_032423gn_spliit_svb.jpg?w=900\" \/><\/p>\n<div>\n<p>The failures of Silicon Valley Bank and Signature Bank have emerged as turning points in key Senate races heading into 2024, with Democrats quick to seize on the issue and in some cases attack their opponents over it.<\/p>\n<p>In California, Reps. Katie Porter (D), Barbara Lee (D) and Adam Schiff (D) \u2014 who are all vying for the seat being vacated by retiring Sen. Dianne Feinstein (D) \u2014 have made the role of banks a central focus of their campaigns over the past week.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>Arizona Rep. Ruben Gallego (D), who is running for Senate, has used the failures to\u00a0criticize\u00a0his potential\u00a0rival, Sen. Kyrsten Sinema (I), over her ties to the financial world. And Ohio Sen. Sherrod Brown (D) has called for tougher regulations as he faces a competitive reelection next year.\u00a0<\/p>\n<p>\u201cOne of the basic pillars of a functioning modern economy is that people are confident that their money in the bank is safe,\u201d Joe Sanberg, a entrepreneur and anti-poverty advocate based in California, told The Hill.\u00a0 \u201cWe were so close to that totally breaking down.\u201d<\/p>\n<p>\u201cThe best governance is the governance we don\u2019t notice because it stops problems before they emerge,\u201d Sanberg said.<\/p>\n<p>The development comes as Republicans ramp up their\u00a0critiques\u00a0of the Biden administration and other Democrats, signaling it could be a likely line of attack heading into next year.\u00a0<\/p>\n<p>Most of the focus on the GOP side has been at the presidential level, where candidates have already started labeling Biden as ineffective and suggesting Democrats are too focused on things like inclusion standards and\u00a0haven\u2019t paid\u00a0enough attention to oversight.\u00a0<\/p>\n<p>\u201cGoing after Biden over the SVB collapse is good politics for Republicans,\u201d said Keith Naughton, a GOP consultant and principal at Silent Majority Strategies.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>\u201cNow that it has come to light that SVB handed out a ton of bonuses and loans on the eve of their meltdown, GOP candidates can make the case that Treasury and Biden were asleep at the switch and are sticking taxpayers with the bill,\u201d he said.<\/p>\n<p>Former South Carolina Gov. Nikki Haley, who is running in an open Republican presidential primary with hopes of taking on Biden, sharply\u00a0condemned the president\u2019s moves.<\/p>\n<p>\u201cJoe Biden is pretending this isn\u2019t a bailout. It is,\u201d Haley\u00a0wrote\u00a0on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. \u201cWhen the Deposit Insurance Fund runs dry, all bank customers are on the hook. That\u2019s a public bailout. Taxpayers should not be responsible.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>Florida\u00a0GOP\u00a0Gov. Ron DeSantis, a\u00a0likely White House\u00a0aspirant, first claimed banks were too focused on diversity, and then blamed\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/floridapolitics.com\/archives\/596563-svb-desantis\/\">overall management problems<\/a>\u00a0while\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2023\/03\/15\/politics\/desantis-silicon-valley-bank-regulations-kfile\/index.html\">leaving out<\/a>\u00a0that he previously championed fewer regulations.\u00a0<\/p>\n<p>Naughton said that Republicans would be wise to focus on painting the opposition as corrupt.<\/p>\n<p>\u201cWith such a large customer base of rich tech firms that support Democratic causes, Republicans have a strong corruption angle to use as well,\u201d he said.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>But Republicans looking toward 2024 will nonetheless have to juggle the Trump factor in their campaign calculations. Former President Trump, who\u2019s gaining momentum in some polls, signed a 2018 law relaxing regulations that Democrats say contributed to these current banking problems.<\/p>\n<p>Candidates in California, one of the most liberal states in the country, are already trying to drive home that point.\u00a0<\/p>\n<p>Porter, a key ally of Sen. Elizabeth Warren (D-Mass.); Lee, a liberal anti-war advocate; and Schiff, who\u2019s deeply involved in oversight and foreign policy,\u00a0all agree\u00a0that more regulation is needed. Lee and Schiff voted against the deregulation legislation before Porter, who has been outspoken on consumer rights, came into office.\u00a0\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>Schiff wrote a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/schiff.house.gov\/imo\/media\/doc\/schiff_letter_to_doj_sec_and_fdic_regarding_goldman_sachs_and_svb.pdf\">letter<\/a>\u00a0to the Department of Justice, Securities and Exchange Commission, and Federal Deposit Insurance Corporation asking to explore what role if any Goldman Sachs played in the SVB debacle. He also put forward a proposal to curb\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8941212b-85d6-4bbf-8990-a51e7e4db671\">high pay<\/a>\u00a0for some banking executives in the wake of such massive failures.\u00a0<\/p>\n<p>Porter, meanwhile, has tied her previous statements warning about banks\u2019 overreach to fixes while in office now. She recently introduced with Warren\u00a0legislation\u00a0that would repeal that 2018 banking deregulation bill.\u00a0<\/p>\n<p>\u201cObviously Katie Porter will be a major player in the discussions moving forward,\u201d said a progressive campaign\u00a0strategist.\u00a0\u201cShe also predicted the crisis years ago,\u201d the source added. \u201cPorter reasonably could be getting national attention on this.\u201d<\/p>\n<aside class=\"ad-unit ad-unit--mr6_ab\"><\/aside>\n<p>In Arizona, sharper lines are being drawn between Gallego, a congressman from a working-class background, and Sinema, who hasn\u2019t yet announced whether she\u2019ll run for reelection but who\u2019s nonetheless emerged as his main opponent.\u00a0<\/p>\n<p>Gallego has focused on Sinema\u2019s ties to the business sector.\u00a0In 2018,\u00a0Sinema, then a Democrat, and other centrists\u00a0voted to ease\u00a0regulations, a decision that progressives are hoping will haunt those running for reelection.\u00a0\u00a0<\/p>\n<p>\u201cAs the dust settles on the SVB bailout and we wait to see if there are any criminal implications for the bankers involved, [Arizona] seems like a good place to start asking how people feel about bankers getting away with giving themselves bonuses as their customers were left in freefall,\u201d said the progressive strategist.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr7_ab\"><\/aside>\n<p>It\u2019s \u201cobviously a part of the larger case Gallego is making for next year, that Sinema consistently sides with bankers, hedge fund managers, and billionaires over everyday people,\u201d the strategist added.<\/p>\n<p>As the fallout continues, a source familiar with Gallego\u2019s campaign\u00a0signaled that\u00a0they plan to emphasize how the systematic failures can impact ordinary lives at home. The campaign also\u00a0intends to keep hitting\u00a0Sinema on her ties to Wall Street and corporate donors.\u00a0\u00a0<\/p>\n<p>On Thursday, they got a jump start on that after Politico reported a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/magazine\/2023\/03\/23\/sinema-trashes-dems-gop-00088461\">lengthy account<\/a>\u00a0detailing her closeness to the corporate sector, including private equity.\u00a0\u201cThe only people she\u2019s willing to fight for are tax cheats and private equity billionaires,\u201d Gallego wrote in a statement after the story was published.\u00a0 \u201cShe\u2019s already auditioning for her next job in private equity.\u201d<\/p>\n<p>A spokesperson for Sinema said she \u201cdoes not comment on campaign politics.\u201d<\/p>\n<p>Still, some argue that there\u2019s an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite across the country for a more moderate approach to reform and that the rhetoric around banking from some of the most liberal figures in the Democratic Party is not always helpful.<\/p>\n<p>Some are looking to Brown, who is gearing up for what\u2019s likely to be a competitive race in Ohio, to strike that balance.\u00a0<\/p>\n<p>The Senate Banking Committee\u2019s chairman is expected to have a highly visible role in oversight from his position on Capitol Hill. On the campaign trail, he\u2019ll also have to convince voters in a state that has been steadily trending red that his approach to economic populism is viable.\u00a0<\/p>\n<p>He recently said the committee will hold a hearing on the two banks\u2019 failures, saying it\u2019s \u201ccritical\u201d that lawmakers \u201cget to the bottom of how Silicon Valley Bank and Signature Bank collapsed\u201d in order to better serve and safeguard the public.\u00a0<\/p>\n<p>\u201cSherrod I\u2019ve watched a lot and I really like,\u201d said\u00a0Tim McCarthy, the former president of Charles Schwab.\u00a0<\/p>\n<p>McCarthy, however, cautioned that Brown may be tempted to tack toward his party\u2019s left wing, especially when voices like Warren and other liberals in the Senate are loudly sounding alarms.\u00a0<\/p>\n<p>\u201cHe gets into the same thing that any kind of politician does,\u201d he said. \u201cIf he doesn\u2019t do a certain amount of lip service to an old socialist cause, then he gets pulled down. He\u2019s a bit hamstrung.\u201d<\/p>\n<p>\u201cBut at least he\u2019s balanced and reasonable,\u201d McCarthy\u00a0added. \u201cHe has to sing the story a little bit.\u201d<\/p>\n<\/div>\n<p>Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/homenews\/campaign\/3916846-bank-failures-become-flashpoints-in-emerging-2024-field\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The failures of Silicon Valley Bank and Signature Bank have emerged as turning points in key Senate races heading into 2024, with Democrats quick to seize on the issue and in some cases attack their opponents over it. In California, Reps. Katie Porter (D), Barbara Lee (D) and Adam Schiff (D) \u2014 who are all&#8230;<\/p>\n","protected":false},"author":1,"featured_media":567410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/porterkatie_leebarbara_032423gn_spliit_svb.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[118706,138428,134343,73798,73114,134447,141569,124783,991,135519,112997,79172,29102,137024,136339,134345,134446],"class_list":["post-567409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adam-schiff","tag-barbara-lee","tag-campaign","tag-defense","tag-dianne-feinstein","tag-energy-and-environment","tag-future-of-farming","tag-international","tag-joe-biden","tag-katie-porter","tag-kyrsten-sinema","tag-nikki-haley","tag-ron-desantis","tag-ruben-gallego","tag-sherrod-brown","tag-state-watch","tag-sunday-talk-shows"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/567409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=567409"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/567409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/567410"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=567409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=567409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=567409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}