Multiple News Outlets Have Detailed Sinema’s Role in Weakening Bank Regulations and Taking Campaign Cash from the Banking Sector in the Lead-Up to Second Largest Bank Failure in U.S. History
In the wake of the Silicon Valley Bank crash, Kyrsten Sinema has continued to be slammed in the press for her votes to weaken regulatory rules for banks – as well as her over $500,000 in donations from commercial banks and her ties to SVB lobbyists.
See coverage below:
AP: Gallego slams Sinema over 2018 bank deregulation vote
Jonathan C. Cooper // March 14, 2023
“Democratic Rep. Ruben Gallego slammed independent Sen. Kyrsten Sinema of Arizona on Tuesday for backing a bank deregulation bill he says contributed to the collapse of Silicon Valley Bank, highlighting Sinema’s Wall Street ties as he campaigns for her seat.
The contrast over the 2018 legislation feeds Gallego’s push to portray Sinema as a friend of powerful interests, a central theme of the Senate campaign he launched in January.
“It’s not like we received different information. We got the same pitches as all the members of Congress,” Gallego told reporters outside Silicon Valley Bank’s offices in Tempe. “But when push came to shove, and the vote came to the floor, I voted to protect Arizona and she voted to protect Wall Street.””
Business Insider: Ruben Gallego slams Kyrsten Sinema for raking in Silicon Valley Bank contributions ahead of 2018 deregulation vote
Warren Rojas // March 14, 2023
“The SVB collapse is a direct result of Kyrsten Sinema’s choice to side with big banks over everyday Arizonans,” Gallego, who two months ago announced that he was running to unseat the now-Independent senator, wrote online as part of a press event he held outside the SVB office in Tempe, Arizona.
During this latest barrage, Gallego cited lobbying reports showing that Sinema, who was serving in the House of Representatives in early 2018, collected thousands from a trio of SVB lobbyists — and upwards of $100,000 from the banking industry in general — just as the Trump administration and the business community were pressuring Congress to loosen restrictions put into place by the 2010 Dodd-Frank Act.”
Bloomberg: Sinema’s 2018 Bank Vote Draws Democrats’ Criticism After SVB Collapse
Steven T. Dennis // March 20, 2023
“Sinema was one of 50 Democrats in the House and Senate to support the law, which many Democrats now blame for the SVB fiasco. More than a third are no longer in Congress, including several — such as Claire McCaskill of Missouri and Heidi Heitkamp of North Dakota — who lost Senate reelection races that year.
As a member of the House in 2018, the vote helped Sinema establish her bipartisan bona fides. Five years and multiple bank failures later, it has become a liability in Arizona, a crucial battleground state.”
Daily Beast: Sinema Wants Accountability for Bank Mess. Hand Her a Mirror.
Michael Daly // March 13, 2023
“Call her a wolf for Wall Street.
After the feds declared that the depositors at the defunct Silicon Valley Bank are protected from loss, U.S. Sen. Kyrsten Sinema of Arizona shamelessly issued what she titled a “Statement on Steps to Protect the U.S. Banking System.”
[…] Sinema need only step in front of a mirror to find a prime suspect. Whether she’s calling herself a Democrat or an independent, her voting record is the same. And it marks her a shill for the banking industry.”
MSNBC: Kyrsten Sinema’s name is all over the Silicon Valley Bank collapse
Ja’Han Jones // March 16, 2023
“Politico reported that Sinema is among the members of Congress who received a combined $50,000 from SVB’s political action committee. To that point, check out this Forbes piece on the thousands of dollars she has raked in from finance industry billionaires in recent years.
Not a great look for Kyrsten “Let them eat cake” Sinema, who has been derided for her public displays of disregard for the nonwealthy and disempowered. Surely you remember the time she helped tank a raise in the federal minimum wage, delivering her vote with a thumbs-down and a curtsy.”
The Hill: Gallego knocks Sinema over support of Dodd-Frank rollback
Julia Shapero // March 14, 2023
“Rep. Ruben Gallego (D-Ariz.) slammed Sen. Kyrsten Sinema (I-Ariz.) on Monday over her support for a 2018 law that rolled back Dodd-Frank banking regulations created in the wake of the 2008 financial crisis.
“What’s the difference between Senator Sinema and me?” Gallego, who is running to replace Sinema in 2024, said in a news release. “When bank lobbyists asked me to weaken bank regulations, I said no. When they asked Senator Sinema, she asked how much—and voted yes. Now we are all going to pay for her mistake.
Salon: Democrat: Lobbyists “bought Sinema’s vote” on bill that led to bank collapse
Brett Wilkins // March 15, 2023
“”Before voting to loosen bank safeguards, Sinema received over $100,000 from big banks. And among those who bought Sinema’s vote were three Silicon Valley Bank lobbyists that maxed out,” Ruben said in a campaign email. “Simply put, she voted to give the banks free rein. And I did not.””
Politico: Maxine Waters to return political donation from Silicon Valley Bank
Hailey Fuchs, Jessica Piper and Holly Otterbein // March 22, 2023
[…] Lobbyists from Franklin Square Group, which has worked on behalf of Silicon Valley Bank and other financial services clients, also made individual contributions to some lawmakers near the vote on the 2018 law. Among the recipients were Sen. Kyrsten Sinema (I-Ariz.), who received more than $8,000 total from three lobbyists a few weeks after the Senate passed the bill but before it went to the House for approval, where Sinema was a member at the time.”
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