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Politico: California's Dem Senate hopefuls vie for higher ground over Silicon Valley Bank debacle
The Democrats vying in California’s already-heated 2024 Senate contest don’t disagree much on the response to Silicon Valley Bank’s collapse. Yet they’re still tussling over who’s taking the toughest line.
The three House Democrats running to succeed retiring Sen. Dianne Feinstein (D-Calif.) next fall are jostling over the bank’s implosion — which has forced the Biden administration to take unprecedented steps in order to ward off a catastrophic run on deposits at other regional banks — in a bid to carve out differences between records that are otherwise generally aligned. And that effort is bound to put further pressure on red- and purple-state Democrats who still take a less progressive line on financial regulation.
The wonky world of Wall Street is comfortable territory for Rep. Katie Porter (D-Calif.), an Elizabeth Warren protege who’s made the most of her high-profile role on the House Oversight Committee’s subpanel overseeing financial services. As Silicon Valley Bank hurtled to insolvency, the Orange County Democrat leaned on those bonafides to spotlight a bipartisan 2018 bill that, she argues, carved up landmark Wall Street reforms that were put in place after the last global financial crisis.
“What happened in the last financial crisis? Dodd-Frank was put in place to reflect those lessons,” Porter said in an interview, using the colloquial name for the 2010 law shaped to rein in the industry after the Great Recession of the Obama years. “Not even 10 years later, look what happens: The so-called pro-business Democrats and the Trump administration and Republicans voted to weaken the capital holding requirements.”
https://www.politico.com/news/2023/03/14/dem-senate-silicon-valley-bank-solutions-00086955
The three House Democrats running to succeed retiring Sen. Dianne Feinstein (D-Calif.) next fall are jostling over the bank’s implosion — which has forced the Biden administration to take unprecedented steps in order to ward off a catastrophic run on deposits at other regional banks — in a bid to carve out differences between records that are otherwise generally aligned. And that effort is bound to put further pressure on red- and purple-state Democrats who still take a less progressive line on financial regulation.
The wonky world of Wall Street is comfortable territory for Rep. Katie Porter (D-Calif.), an Elizabeth Warren protege who’s made the most of her high-profile role on the House Oversight Committee’s subpanel overseeing financial services. As Silicon Valley Bank hurtled to insolvency, the Orange County Democrat leaned on those bonafides to spotlight a bipartisan 2018 bill that, she argues, carved up landmark Wall Street reforms that were put in place after the last global financial crisis.
“What happened in the last financial crisis? Dodd-Frank was put in place to reflect those lessons,” Porter said in an interview, using the colloquial name for the 2010 law shaped to rein in the industry after the Great Recession of the Obama years. “Not even 10 years later, look what happens: The so-called pro-business Democrats and the Trump administration and Republicans voted to weaken the capital holding requirements.”
https://www.politico.com/news/2023/03/14/dem-senate-silicon-valley-bank-solutions-00086955
