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☆ Flush With Campaign Cash, Tim Scott Is Set to Join ’24 Race
▼ + stars: | 2023-05-19 | by ( Jonathan Swan | Maggie Haberman | ) www.nytimes.com time to read: +1 min

After announcing his campaign in his hometown, North Charleston, Mr. Scott will head to Iowa and New Hampshire, the first two states of the Republican nominating contest. Mr. Scott’s campaign has reserved around $6 million in advertisements across television and radio in those states, according to an adviser with direct knowledge of Mr. Scott’s plans. Mr. Scott, the most influential elected Black conservative in America, has a compelling life story around which he is expected to build his campaign. Mr. Scott rarely criticizes Mr. Trump directly, but his message could not be more different from the former president’s. While Mr. Trump talks ominously of “retribution” — his promise to gut the civil service and law enforcement agencies that he pejoratively calls the “deep state” — Mr. Scott prefers the sunny language of Ronald Reagan.

☆ Republican Senator Tim Scott to run for president
▼ + stars: | 2023-05-19 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsRepublican Senator Tim Scott to run for presidentPostedRepublican U.S. Senator Tim Scott has entered the 2024 presidential race, according to a filing with the U.S. election regulator on Friday, in what amounts to a long-shot bet that a message of unity and optimism can still appeal in a party where many voters are hungry for a bare-knuckled fight. This report produced by Freddie Joyner.

☆ GOP Sen. Tim Scott of South Carolina files paperwork to run for president
▼ + stars: | 2023-05-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Likely Republican presidential candidate and U.S. Sen. Tim Scott of South Carolina filed paperwork Friday to run for president in 2024, officially throwing his hat into a growing Republican primary lineup that former President Donald Trump has so far led. Scott is expected to announce his presidential campaign on Monday morning in North Charleston. Scott's brand of politics, marked by optimism and gestures toward stitching a divided nation back together, has been mostly absent from the Republican presidential conversation. "There's no question that special interests are celebrating as Tim Scott throws his hat into the 2024 race for the MAGA base."

☆ The countdown is on for DeSantis' presidential kickoff, just as 2024 frontrunner Trump readies powerful exit from Florida
▼ + stars: | 2023-05-18 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +9 min

Polling has him second to Trump, who has been living in Florida at Mar-a-Lago in Palm Beach. Donald Trump's permanent residence is in Palm Beach, Florida, at his Mar-a-Lago oceanside estate. New Jersey, therefore, is set to become the new go-to spot for the GOP right around the time that the DeSantis campaign kicks off. On Monday, DeSantis' political team moved to a new office in Tallahassee, NBC News reported. The DeSantis political operation declined to share details of the governor's plans, including formal rollouts and events that may come later.

☆ Premarket stocks: Senators blame excessive CEO pay for regional bank failures
▼ + stars: | 2023-05-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Joseph DePaolo, the former CEO of Signature Bank, received about $8.6 million. Becker said his cash and stock bonuses were “predetermined” and that he wasn’t aware of when they would be paid out. “If you’d bought those hedges [against Treasuries purchased by the bank], that would have cut into your profits, wouldn’t it? “And when the banks blow up, Mr. Becker and Mr. Shay get to keep all the money. And that is just plain wrong.”ChatGPT goes to WashingtonOpenAI CEO Sam Altman also made his way to the Senate on Tuesday.

On top of the GOP gubernatorial primary in Kentucky, there are other contests taking place on Tuesday that could provide some clues about 2024 — even though it’s hard to draw too many lessons from individual races. Voters are also heading to the polls in Pennsylvania, which is hosting a crowded Democratic primary for Philadelphia mayor. Two races will also provide some insight into voter attitudes in two key counties in two crucial battlegrounds. In other Pence news, he will attend Iowa GOP Sen. Joni Ernst’s “Roast and Ride” event next month, per Fox News (former United Nations Ambassador Nikki Haley is also attending). Jumping in: Former state Rep. Leslie Love jumped into the Democratic Senate primary in Michigan on Monday.

☆ Ron DeSantis just made it clear he's going to fight Trump on abortion
▼ + stars: | 2023-05-16 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

As former President Donald Trump blinks on the abortion debate, his likely top rival, Florida Gov. Asked about that remark, DeSantis said the legislation he signed is something that "probably 99% of pro-lifers support." Trump himself underlined that contrast when asked in a recent interview about the six-week abortion ban that DeSantis had just signed in Florida. But DeSantis' willingness to hit Trump from the right on abortion could also be a strategic one. South Carolina Sen. Tim Scott, who launched a Republican presidential exploratory committee last month, has said he backs a federal abortion ban after 20 weeks of pregnancy.

☆ Failed bank execs see blame everywhere, except in the mirror
▼ + stars: | 2023-05-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —More than two months after the collapse of Silicon Valley Bank and Signature Bank triggered a financial earthquake, three former executives spoke publicly for the first time in testimony before a Senate committee Tuesday. Here are the key takeaways from the Senate hearing:Everyone else messed upThe executives conducted a masterclass in deflecting blame for their banks’ failures. In his testimony, Becker said he was “truly sorry” for the bank’s collapse, blaming a “series of unprecedented events.”Greg Becker, former CEO of Silicon Valley Bank, left, testifies next to Scott Shay, former chairman and co-founder of Signature Bank, and Eric Howell, former president of Signature Bank, during a Senate hearing. “Rumors and misconceptions spread quickly online,” sparking the bank run, Becker told lawmakers. Spoiler alert: Becker didn’t commit to returning any money and Shay said he had no intention to do so.

☆ Nikki Haley Says Pledging a Federal Abortion Ban Wouldn’t Be ‘Honest’
▼ + stars: | 2023-05-14 | by ( Maggie Astor | ) www.nytimes.com time to read: +1 min

The Republican presidential candidate Nikki Haley refused on Sunday to endorse a federal abortion ban at a specific number of weeks’ gestation, saying that to do so would be to lie to the American people about what is politically possible. “I think the media has tried to divide them by saying we have to decide certain weeks,” Ms. Haley said in an interview on CBS News’s “Face the Nation.” “In states, yes. At the federal level, it’s not realistic. It’s not being honest with the American people.”She was responding to a question from her interviewer, Margaret Brennan, about why she would not join another likely candidate, Senator Tim Scott of South Carolina, in endorsing a 20-week national ban. But her comments on Sunday stood out for the explicitness of her rejection of committing to a gestational limit.

If confirmed, Kugler, a Colombian-American, would be the first Latino to serve on the Fed board, marking the latest effort by Biden to improve the central bank’s diversity. Kugler, who is currently on leave from Georgetown University, previously worked in the Obama administration as the Labor Department’s chief economist. Getty Images/AlamyJefferson, who joined the Fed as a governor a year ago, has been tapped by Biden to the influential role of vice chair, serving as the No. He joined the Fed board in May 2022, after winning broad bipartisan support during his congressional confirmation process. He taught economics at Swarthmore College, Columbia University and the University of Virginia, and served as a high-ranking administrator at Davidson College.

☆ DeSantis signs law to cover up records of his travel and visitors ahead of anticipated 2024 presidential run
▼ + stars: | 2023-05-11 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +7 min

DeSantis signed a bill into law that will hide his travel records from public view. DeSantis signed the bill into law unceremoniously on Thursday afternoon, among more than 35 other bills. The security argument was nonsensical to Ben Wilcox, research director and co-founder of the good government organization Integrity Florida, given that the new law will apply to past travel records. "It strains credulity to suggest that hiding travel records could somehow prevent a security breach in the future," Wilcox told Insider. Another elections related bill is headed for DeSantis that will allow him to maintain his seat as governor while running for president.

☆ Dianne Feinstein once mistook GOP Sen. Tim Scott for Democratic Sen. Raphael Warnock, book says
▼ + stars: | 2023-05-11 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

Dianne Feinstein once mistook two different Black senators, according to a story relayed in a new book. She confused GOP Sen. Tim Scott for Democratic Sen. Raphael Warnock, saying she'd been rooting for him. Scott reportedly played along, telling Feinstein that her "support means a lot." Scott, a Republican who's served in the Senate since 2013, is said to have played along with Feinstein's apparent confusion. Dean Phillips 🇺🇸 🟧 (@RepDeanPhillips) April 12, 2023But on Wednesday, Feinstein finally returned to the Capitol, continuing to suffer balance and vision impairments.

Aaron Smith, CEO of the National Cannabis Industry Association, speaks during a news conference on the Safe Banking Act outside the U.S. Capitol in Washington, Sept. 14, 2022. The Senate banking committee is holding its first-ever hearing Thursday on a bipartisan bill that would allow the cannabis industry to access traditional banking services, which marijuana businesses see as critical to their survival. The meeting, titled Examining Cannabis Banking Challenges of Small Businesses and Workers, will hear testimony from lawmakers on both sides of the aisle, including Sens. Thursday's hearing will determine next steps in getting the bill to the Senate floor for a vote, as Senate Majority Leader Chuck Schumer and other key lawmakers express support for it. "Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows," said Sen. Sherrod Brown, D-Ohio, who is also chair of the committee.

Florida lawmakers sent DeSantis a bill that would let him stay governor while running for president. "I don't think we have seen a six-month stretch that has ever been this productive in the history of our state," DeSantis said at the Florida Capitol in Tallahassee on Friday. Should DeSantis be successful in a presidential run, he would follow in the footsteps of Democrat Bill Clinton and Republican George W. Bush. Ron DeSantis speaks during an election night watch party at the Convention Center in Tampa, Florida, on November 8, 2022. During a press conference in Panama City, Florida, on Thursday, DeSantis continued to play coy about his intentions.

☆ Opinion | Are Anti-Trump Republicans Doomed to Repeat 2016?
▼ + stars: | 2023-05-06 | by ( Ross Douthat | ) www.nytimes.com time to read: +3 min

First, there’s the limits of ideological box-checking in a campaign against Trump. Part of DeSantis’s advantage now, compared with Cruz’s situation in 2016, is that he has seemed more congenial to the party’s bigger-money donors. Remember how nothing remotely like that happened among Republicans in 2016? This reflects another tendency that helped elect him the first time, the weird fatalism of professional Republicans. In 2016 many of them passed from “he can’t win” to “he can’t be stopped” with barely a way station in between.

People around the 51-year-old former governor of South Carolina, the daughter of two Indian immigrants, say her willingness to discuss the topic represents a calculated risk while other candidates dodge it. They say it is in part a deliberate bid to seize some attention away from front-runners Trump and Florida Governor Ron DeSantis. Supporters, donors and some party stalwarts praised Haley for her speech addressing an issue that divides the party. Roberts said she hoped New Hampshire's Republican governor, Chris Sununu, a self-described supporter of abortion rights, jumps into the race. Governor DeSantis, Trump's closest rival who is expected to announce a run within weeks, signed a ban on abortions after six weeks in Florida last month.

But as Republican presidential hopefuls including Florida Governor Ron DeSantis and former President Donald Trump crisscross the country, they have instead focused on hot-button issues like immigration and transgender participation in youth sports. A broad majority of voters in both parties believe the debt ceiling presents a good opportunity to debate public policy priorities, according to a Reuters/Ipsos poll conducted in March. Still, it is unclear how much Republican primary voters know about the debt limit debate - or even care - campaign aides and strategists said. Of nine attendees interviewed by Reuters at the town hall meeting held by Haley, none mentioned the debt ceiling as one of their top concerns. Others have addressed the debt ceiling in the past, but only in general terms.

☆ This GOP senator declared DeSantis the 'leader of the Republican Party.' Despite his recent struggles, she still thinks that holds true.
▼ + stars: | 2023-05-03 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Sen. Cynthia Lummis declared that Ron DeSantis was the "current leader" of her party in November. Ron DeSantis — not former President Donald Trump — was the "current leader of the Republican Party." That's why I think he's the leader of the party." Her initial November comments in support of DeSantis came on the heels of a poor midterm performance that many in the party blamed on Trump. In 2020, the party notably opted not to adopt a platform, citing pandemic-era restrictions and its "strong support" for Trump.

☆ Former top execs of SVB and Signature Bank will testify at Senate hearing this month
▼ + stars: | 2023-05-03 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +1 min

People walk by a Manhattan branch of Signature Bank which was closed by bank regulators on Sunday on March 13, 2023 in New York City. WASHINGTON — Former top executives of the failed Silicon Valley Bank and Signature Bank will testify before the Senate on May 16, the chamber's Banking Committee announced late Wednesday. Scott Shay and Eric Howell were the chairman and president, respectively, of New York-based Signature Bank when it collapsed just days after SVB's failure. Former Signature Bank CEO Joseph DePaolo received a similar letter at the time. The former bank executives can expect a grilling from senators on both sides of the aisle.

☆ Lawmakers praise First Republic sale, but efforts to pass new bank rules are fizzling
▼ + stars: | 2023-05-01 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

WASHINGTON — Lawmakers who sit atop key banking committees praised the federal takeover of First Republic Bank on Monday, and held up the sale of its assets to JP Morgan Chase as a successful public-private collaboration to protect the U.S. financial system. His statement contrasted from the reaction of the Senate banking committee's chairman, Democratic Sen. Sherrod Brown of Ohio. He did not directly respond to the federal intervention, choosing instead to direct his ire at the failed bank. "First Republic Bank's risky behavior, unique business model, and management failures led to significant problems, and it's clear we need stronger guardrails in place," Brown said in a statement. "We must make large banks more resilient against failure so that we protect financial stability and ensure competition in the long run."

☆ US Senator Tim Scott teases May 22 announcement on presidential bid
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

Senator Tim Scott plans to announce his decision on entering the 2024 presidential on May 22, according to media reports on Sunday, in a potential challenge to former President Donald Trump for the party's nomination. He made the announcement at a town hall in South Carolina on Sunday, according to media reports. Scott launched a presidential exploratory committee earlier this month, which allowed him to raise his national profile and continue fundraising with fewer regulatory limitations than a formal campaign. If Scott formally announces his intent to enter the presidential race, he will join former South Carolina Governor Nikki Haley in the quest for the Republican nomination. Former biotech executive Vivek Ramaswamy, conservative talk radio host Larry Elder and former Arkansas Governor Asa Hutchinson are also Republican contenders.

☆ Sen. Tim Scott teases ‘major announcement’ on May 22 as he explores White House bid
▼ + stars: | 2023-04-30 | by ( Kit Maher | ) edition.cnn.com time to read: +2 min

CNN —Republican Sen. Tim Scott of South Carolina on Sunday teased a “major announcement” on May 22, signaling he will formally enter the 2024 GOP presidential primary after launching an exploratory committee earlier this month. Be in attendance,” Scott said at an event in Charleston, South Carolina. In announcing his exploratory committee, Scott emphasized his evangelical faith, his race and his experience growing up as the son of a single mother. The South Carolina Republican expanded on that message Sunday, stating, “I believe there’s nothing wrong with the American people. He also served in the South Carolina state House and on the Charleston County Council.

Depositors had pulled $100 billion from accounts at the bank in the panic triggered by the SVB and Signature failures, imperiling its survival. Both SVB and Signature failed last month. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

Both SVB and Signature failed last month. Regulators shut SVB on March 10, a day after customers withdrew $42 billion and queued requests for another $100 billion the following morning. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

☆ Fed watchdog objects to Senate bill overhauling leadership selection
▼ + stars: | 2023-04-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

April 27 (Reuters) - The Federal Reserve's in-house watchdog agency is pushing back against proposed legislation in the U.S. Senate that would overhaul how the government department is led. Scott and Democratic Senator Elizabeth Warren have co-sponsored the bill to change how the Fed IG is selected and vetted. The letter also noted that making the Fed IG subject to presidential appointment would cut pay for the job, meaning the person in that position would earn less than the department's current staff. This upside pay arrangement has been faced by other government IGs and it "deters experienced, high-quality candidates from seeking the position." The Fed's IG has garnered the most attention in recent years for its investigations into central bank officials' personal trading activities.

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