The three California House Dems running to succeed Sen. Dianne Feinstein have records that are generally aligned. Now they're marking their differences by tussling over who's taking the toughest line in response to Silicon Valley Bank's implosion.
The California trio’s close and loud positioning on the bank failure may not yield much competitive advantage for any single candidate, despite voters’ laser-focus on an uncertain economy. But it does focus new attention on lingering divisions between Democrats lining up to blame the 2018 legislation and the handful of centrists still in office who voted for it, some of whom face tough reelection battles this fall.
“The capital requirements are really the bottom line for banks,” said Alexandra Thornton, a senior director for tax policy at the liberal-leaning Center for American Progress. “When they don’t have enough equity there, it’s other people who are harmed. And then, if the government has to step in, that just creates the expectation that this will happen again and again.”
Schiff, who built a national profile on the House Intelligence Committee where oversaw a lengthy investigation into former President Donald Trump, announced his own plan on Monday as lawmakers picked through the wreckage of SVB’s collapse. The Los Angeles Democrat, whose district includes tony swaths of Hollywood and Burbank, said that Congress needs to craft rules that would force SVB’s executives to disgorge bonuses and stock sale proceeds.
For her part, Lee said in a statement that the next step following the Biden administration’s actions was ensuring “that we have the strong regulation in place to prevent future problems, and that we seek accountability for any impropriety or market manipulation.”
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Silicon Valley Bank collapse: A one-off calamity or sign of more trouble for California?Silicon Valley Bank’s failure is a sign of weakness in the tech industry, and that could spell trouble for the state.
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Silicon Valley Bank Closure Rattles California, Massachusetts NonprofitsSome nonprofits are worried about the hole that Silicon Valley Bank leaves as a dependable lender for affordable housing projects and a partner for community programming
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Bank of London bids to acquire Silicon Valley Bank's UK armThe Bank of London is leading a consortium of private equity firms seeking to purchase SVB's arm in the United Kingdom.
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