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☆ Op-ed: ESG investing and 2018 change in bank laws didn't cause Silicon Valley Bank to collapse, says former Sen. Heitkamp
▼ + stars: | 2023-03-21 | by ( Heidi Heitkamp | Former Democratic U.S. Senator North Dakota | ) www.cnbc.com time to read: +6 min

Within hours of the Silicon Valley Bank collapse, political spin machines on both the left and right got cranking. I was one of the Democrats on the Senate Banking Committee who negotiated that legislation, which granted regulatory relief to small community and mid-sized regional banks. Under the burden of increased regulation, smaller institutions and many regional banks were struggling to stay competitive. If all the bank depositors withdrew their deposits on the same day, any bank would fail regardless of liquidity or bank capitalization.) The Fed had the authority to enhance the current level of regional bank supervision, a step the central bank is considering in the wake of the SVB failure.

☆ Regulators need to report SVB executives' potential 'outrageous and indefensible' behavior to Congress to avoid mistakes made after the 2008 financial crisis, 2 top Democrats say
▼ + stars: | 2023-03-15 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Elizabeth Warren and Richard Blumenthal are calling on the SEC and DOJ to look into the collapse. "The nation's bank regulators cannot make the same mistake twice," they continued. Warren and Blumenthal wrote in their letter that "SVB officials showed a pattern of risky and questionable decision making" that may have contributed to the bank's collapse. They also noted the lack of stress tests that would have helped regulators determine whether the bank could respond to rising interest rates. But Warren has been persistent in her message, already introducing legislation alongside Rep. Katie Porter to roll back the 2018 changes.

☆ Elizabeth Warren and Katie Porter are taking the first step in repealing the Trump-era banking law they blamed for Silicon Valley Bank's collapse
▼ + stars: | 2023-03-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

NBC first reported on Tuesday that Sen. Warren and Rep. Porter are introducing a bill to repeal a 2018 banking law. Warren and other Democrats blamed the rollback for Silicon Valley Bank's collapse. Warren and Porter blamed the Trump-era rollbacks for SVB's abrupt shutdown on Friday, saying that if stricter regulations had been in place, the bank's collapse could have been prevented. Sen. Bernie Sanders also said on Monday that SVB's failure was a "direct result" of the 2018 legislation. "Americans deserve to know their money is safe when they deposit it in the bank," Porter said in a statement.

☆ Joe Manchin says he looks at his 2018 vote on easing bank regulations 'differently now' after Silicon Valley Bank's collapse
▼ + stars: | 2023-03-14 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

In 2018, Sen. Joe Manchin was one of 13 Democrats to vote for easing some banking regulations. The rollback of those regulations meant that Silicon Valley Bank was subject to less scrutiny. That vote has come under renewed scrutiny after the abrupt shuttering of Silicon Valley Bank (SVB) and subsequent bailout of its depositors. Manchin did tell Raju that it was not a mistake to vote through that 2018 legislation, or at least it wasn't at the time. Other Democratic lawmakers who also voted for the 2018 legislation are similarly standing by their decisions.

☆ Why Trump is being called out in the Silicon Valley Bank collapse
▼ + stars: | 2023-03-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats have been blaming Trump-era regulations for Silicon Valley Bank's collapse. In 2018, Trump signed into law a bill that rolled back provisions in the Dodd-Frank Act and loosened oversight over banks. On Friday, regulators shut down Silicon Valley Bank following a tumultuous few days of failing to raise capital and a flood of customers withdrawing their funds from the bank. "Greg Becker, the chief executive of Silicon Valley Bank, was one of the ‌many high-powered executives who lobbied Congress to weaken the law," Massachusetts Sen. Elizabeth Warren wrote in a Monday opinion piece. Vermont Sen. Bernie Sanders said in a statement that the "failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed."

☆ Wall Street — not taxpayers — will pay for the SVB and Signature deposit relief plans
▼ + stars: | 2023-03-13 | by ( Christina Wilkie | ) www.cnbc.com time to read: +3 min

WASHINGTON — Plans announced Sunday to fully reimburse deposits made in the collapsed Silicon Valley Bank and the shuttered Signature Bank will rely on Wall Street and large financial institutions — not taxpayers — to foot the bill, Treasury officials said. The DIF currently has over $100 billion in it, a sum the Treasury official said was "more than fully sufficient" to cover SVB and Signature depositors. To that end, federal officials strongly pushed back on the idea that the plans for SVB and Signature constituted a "bailout." Sen. Bernie Sanders, I-Vt., insisted that "If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions." On Sunday afternoon, Treasury approved of plans that would unwind both SVB and Signature Bank, based in New York, "in a manner that fully protects all depositors."

☆ Senator Warren urges U.S. patent office to scrutinize Merck's Keytruda
▼ + stars: | 2023-02-23 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Senator Bernie Sanders, as well as Representatives Katie Porter and Pramila Jayapal also signed the letter. They expressed particular concern over Merck's efforts to patent a subcutaneous version of the currently infused drug, which Reuters reported on late last year. They wrote that Merck’s use of dozens of patents to fend off Keytruda competitors "appear(s) to be an example of the anti-competitive business practices ... that we have long beenconcerned about." Merck, which reported $20.9 billion in 2022 sales of Keytruda, has relied on the immunotherapy to fuel its growth. They urged Vidal to "give close scrutiny to any of Merck’s requests for new patents for Keytruda, and reject those that do not clearly meet the agency’s standards."

☆ Democratic Rep. Barbara Lee launches bid for California Senate seat held by retiring Sen. Dianne Feinstein, joining crowded primary
▼ + stars: | 2023-02-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Rep. Barbara Lee, D-Calif., announced Tuesday she will join the competitive 2024 Democratic race for the Senate seat held by retiring Sen. Dianne Feinstein. "Californians deserve a strong, progressive leader who has delivered real change," Lee, 76, said in a social media post unveiling her long-rumored campaign for the coveted seat. Lee's announcement makes her the third major Democratic candidate in the running for the seat that the 89-year-old Feinstein has held since 1992. If elected in 2024, Lee would become the only Black woman serving in the U.S. Senate. "When my high school said cheerleaders couldn't be Black, I took them on," Lee said.

Feb 16 (Reuters) - Two U.S. lawmakers have sent letters to the country's top egg companies seeking answers for why egg prices have ballooned to record highs in recent months, according to copies of the letters seen by Reuters. The letters were sent Thursday morning to the CEOs of Cal-Maine Foods (CALM.O), Hillandale Farms, Rose Acre Farms, Daybreak Foods, and Versova Management. But a farm group recently asked federal regulators to investigate whether egg companies were price gouging. The lawmakers said the spike in prices raises concerns about anti-competitive conduct and requested information on executive compensation, profit margins, avian flu impacts, and whether companies have communicated with one another about egg prices. The lawmakers requested responses by March 1.

☆ Trailblazing U.S. Senator Dianne Feinstein will not seek re-election
▼ + stars: | 2023-02-15 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

Senator Dianne Feinstein, a trailblazer for women in American politics, announced on Tuesday that she will not seek re-election in 2024, clearing the path for a hotly contested race for her seat among California Democrats. I can honestly say that Dianne Feinstein is one of the very best," Democratic President Joe Biden said on Tuesday night, noting their time serving together on the Senate Judiciary Committee. Senator Diane Feinstein (D-CA), who announced she will not be seeking re-election, leaves the Senate floor after a vote on Capitol Hill in Washington, U.S., February 14, 2023. Feinstein "was a tough woman on the front lines in fights like access to assault weapons and national security and intelligence," Democratic Senator Elizabeth Warren told reporters on Tuesday. "Every other woman in public office owes a special debt to Dianne Feinstein."

☆ Baffled Dianne Feinstein walks out of Senate chamber wondering what just happened: 'Did I vote for that?'
▼ + stars: | 2023-02-15 | by ( Warren Rojas | ) www.businessinsider.com time to read: +3 min

Dianne Feinstein didn't seem to know what took place on the Senate floor Wednesday morning. The latest flash of apparent confusion comes as Feinstein plans to serve out her term through 2024. Feinstein voted to invoke cloture on judge Ana C. Reyes to serve on the United States District Court for the District of Columbia. Her looming retirement seemed to catch the decades-long politician off guard, causing Feinstein and her staff to clash over her career plans. "I don't even know what that is," Feinstein told staff last fall on her way through the Senate subway.

☆ Longtime U.S. Senator Dianne Feinstein announces she will not seek re-election
▼ + stars: | 2023-02-14 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

Senator Dianne Feinstein announced on Tuesday that she will not seek re-election at the end of her term in 2024, clearing the path for a hotly contested race among California Democrats for her seat. Feinstein, who was first elected in 1992, has faced years of pressure to resign given that she is the oldest member of Congress at 89. However she declined to seek election for the position, months after Senate Majority Leader Chuck Schumer, a fellow Democrat, declined to say whether he had confidence in her ability to serve. Several Democrats had already announced or hinted at runs even before her announcement, including Representatives Katie Porter and Adam Schiff. Feinstein is a trailblazer in U.S. politics: the first woman to serve as mayor of San Francisco, first woman to serve on the Senate Judiciary Committee and now the longest-serving female senator.

☆ Dianne Feinstein won't run in 2024, opening up a California Senate seat
▼ + stars: | 2023-02-14 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

Sen. Dianne Feinstein of California announced Tuesday that she will retire at the end of her current term, setting up a major Democratic competition for her coveted seat. "Even with a divided Congress, we can still pass bills that will improve lives," Feinstein said in a statement. The fight for the open Senate seat in the powerful, reliably blue state of California promises to be one of the most competitive — and expensive — races of the 2024 election cycle. While Feinstein's announcement officially puts her seat in play for the 2024 election cycle, multiple California Democrats had already launched Senate campaigns weeks earlier. More California Democrats, including Reps. Barbara Lee and Ro Khanna, are expected to announce their Senate campaign plans soon.

☆ 89-year-old Dianne Feinstein won't seek re-election in 2024 as Democrats launch bids for her seat
▼ + stars: | 2023-02-14 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +3 min

Sen. Dianne Feinstein of California won't seek reelection in 2024. Feinstein, 89, is the oldest senator and longest-serving senator of California. The path is now cleared for California Senate hopefuls to fight for the open seat held by Feinstein since 1992. With a storied political career spanning five decades, Feinstein has broken records as the longest-serving senator of California and the longest-serving female senator in history. Before the Senate, Feinstein was mayor of San Francisco for a decade, and a member of the San Francisco Board of Supervisors prior to that.

☆ Pelosi backs Schiff in California Senate race
▼ + stars: | 2023-02-02 | by ( Bridget Bowman | Bridget Bowman Is A Deputy Editor For Nbc'S Political Unit. | ) www.nbcnews.com time to read: +1 min

Former Speaker Nancy Pelosi announced Thursday she is backing Democratic Rep. Adam Schiff in California's Senate race — if Democratic Sen. Dianne Feinstein decides not to run for re-election. But that hasn't stopped other Democrats, including Schiff and Rep. Katie Porter, from jumping into the race. Schiff has been a staunch Pelosi ally, and the former speaker tapped him to lead the team managing former President Donald Trump's first impeachment. And Schiff and Porter may not be the only House members who decide to run for Senate. Schiff responded to the endorsement, writing on Twitter that Pelosi "has been a friend and mentor throughout my time in Congress."

☆ House Democrats pressure Kevin McCarthy to keep his promise on stock trade ban after they were burned by Pelosi
▼ + stars: | 2023-02-02 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

House Democrats pushing for a stock trade ban in Congress got burned by Pelosi last year. In a letter exclusively shared with Insider, they're now pushing McCarthy to pick up where she left off. The GOP House Speaker has spoken favorably of a ban in the last year, but hasn't gotten specific. Since the new Congress kicked off, lawmakers have been re-introducing bills to ban stock trading by members of Congress, arguing that members of Congress should not be allowed to profit off of information they receive as public servants or their ability to influence legislation. Spanberger re-introduced the bipartisan TRUST in Congress Act last month, while Craig put forward her more expansive HUMBLE Act.

☆ Nancy Pelosi endorses Adam Schiff in California Senate race if Sen. Dianne Feinstein doesn't run
▼ + stars: | 2023-02-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

Former House Speaker Rep. Nancy Pelosi endorsed fellow California Democratic Rep. Adam Schiff on Thursday in the already-competitive 2024 Senate race for the seat currently held by Dianne Feinstein. The endorsement comes one week after Schiff, the former chairman of the House Intelligence Committee, launched his bid for Feinstein's coveted Senate seat. That's why I'm running for the U.S. Senate," Schiff said in a campaign-launch video. Schiff was not the first Democrat to jump into the race for Feinstein's seat. Democratic Rep. Katie Porter announced Jan. 10 that she will run for Senate in California, snagging the endorsement of Sen. Elizabeth Warren, D-Mass.

☆ Dianne Feinstein's 2024 Senate campaign raised just $558.91 at the end of last year. It may be the clearest sign yet that she won't seek re-election.
▼ + stars: | 2023-02-01 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Sen. Dianne Feinstein raised less than $600 at the end of 2022, according to new campaign filings. Feinstein, who is the longest-serving Democratic senator and would be 91 on election day in 2024, has declined to say whether she will seek re-election next year. But altogether, her campaign — conspicuously named "Feinstein for Senate 2024" — reported having just $9,968.56 in cash on hand. For comparison, Feinstein raised over $16 million for her 2018 race against fellow Democrat Kevin De Leon. Last year, Senate Majority Leader Chuck Schumer publicly declined to say whether he was confident in the California Democrat's ability to serve.

But add a candidate representing the Bernie Sanders wing of the party, Ro Khanna, and a living legend who got her start with the Black Panthers and would become the only Black woman in the Senate, Barbara Lee — now you're talking about a California Senate race for the ages. Reaching voters isn’t easy in California, with a population approaching 40 million and a land mass bigger than that of many countries. But the race will affect the future of the Democratic Party, both in California and beyond. “An appointment would be a way to make sure that this country has the essential voice of a Black woman,” Allison said. And I don’t see and I don’t understand why it isn’t happening.”Meanwhile, as Lee watches Feinstein, Bernieworld is watching Lee.

☆ Democratic Rep. Adam Schiff launches bid for Sen. Dianne Feinstein's California seat
▼ + stars: | 2023-01-26 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

U.S. Rep. Adam Schiff (D-CA) speaks at a press conference on committee assignments for the 118th U.S. Congress, at the U.S. Capitol Building on January 25, 2023 in Washington, DC. Rep. Adam Schiff, the California Democrat who led an impeachment effort against former President Donald Trump, launched a bid for the high-profile Senate seat currently held by Democratic Sen. Dianne Feinstein. "I'm going to the U.S. Senate to fight for working people, not the rich or corporations who don't need yet another voice in Congress," Schiff said in a press release Thursday unveiling his 2024 Senate bid. Today's Republican Party is gutting the middle class, threatening our democracy," Schiff said in a video accompanying his announcement. Schiff's Senate bid follows Democratic Rep. Katie Porter's announcement that she will campaign for Feinstein's seat.

☆ U.S. Representative Schiff sets sights on fellow Democrat Feinstein's Senate seat
▼ + stars: | 2023-01-26 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

Schiff joined other California Democrats aiming for the seat currently held by Democratic Senator Dianne Feinstein. U.S. Representative Katie Porter launched her U.S. Senate campaign this month. The Washington Post has reported that Representative Barbara Lee was also planning to run for the seat. The new Republican House Speaker, fellow Californian Kevin McCarthy, has blocked Schiff from serving on the prestigious panel again. Schiff, a prominent House Democrat who was first elected in 2000, gained national attention for his high-profile role in the 2020 Trump impeachment trial.

☆ Live updates: Suspect in shooting at dance hall near Los Angeles is dead, sheriff says
▼ + stars: | 2023-01-23 | by ( Erick Mendoza | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | ) www.nbcnews.com time to read: +33 min

Share this -Link copiedAlhambra officials release statement on Monterey Park shooting Alhambra officials released a statement on the Monterey Park shooting early Sunday evening. Officials also acknowledged the shooting that occurred in the city after the Monterey Park shooting. Share this -Link copiedPolice release pictures to identify Monterey Park shooting suspect The Los Angeles County Sheriff's Department has released pictures seeking to identify the Monterey Park shooting suspect. Law enforcement has connected him to the Monterey Park shooting and a shooting minutes later in Alhambra. Patrons of the Alhambra dance hall wrestled a firearm away from a man about 20 minutes after the Monterey Park shooting.

☆ Live updates: Possible suspect in mass shooting at dance hall near Los Angeles is found dead, sources say
▼ + stars: | 2023-01-22 | by ( Erick Mendoza | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | ) www.nbcnews.com time to read: +31 min

☆ Drug companies favor biotech meds over pills, citing new U.S. law
▼ + stars: | 2023-01-13 | by ( Deena Beasley | ) www.reuters.com time to read: +5 min

The pharmaceutical industry, whose members gathered in the thousands this week in San Francisco for the annual JP Morgan Healthcare conference, opposed the legislation and has begun implementing strategies to mitigate its impact. "In 10 years, we'll have far fewer small molecules being developed than we do today." He questioned the benefit of "rules that really just disincentivize investment in what ends up being convenient drugs, drugs for tough conditions like cancer and drugs that get really cheap when they go generic." Most medicines on the market today are small molecules, which can be taken by mouth, absorbed into the bloodstream and easily penetrate cell membranes. He noted it is not unusual for pharmaceutical companies to choose not to pursue a drug they once thought promising.

☆ Rep. Katie Porter’s Senate campaign conundrum
▼ + stars: | 2023-01-11 | by ( Lincoln Mitchell | ) www.nbcnews.com time to read: +5 min

The GOP is likely to have a better chance in Porter's district with her out of the picture. Enter Katie Porter, the first candidate to announce her intention to run for Feinstein’s seat. Her Senate run has a potential downside for national Democrats that should be clear. The problem Porter’s campaign raises for the Democrats has nothing to do with her chances of winning or what she would do in the Senate. If they decide to seek the Senate seat, there will be no cost to House Democrats because their replacements are almost sure to be Democrats as well.

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