Thursday, June 1, 2023, at the Capitol in Washington, D.C., as the Senate scrambles to finalize a vote on amendments to the massive debt ceiling and budget cut package, Arizona Senator Kirsten Cinema. travel between offices. . AP Photo/J. Scott Applewhite
Arizona Senator. Kirsten CinemaPeople who left the Democratic Party and became independent are also criticized tightly coordinated Credited Thursday for working with Wall Street stakeholders to back targeted brokerage bill failed bank executive.
Cinema did not say whether he would seek a second term in 2024, but he cited a bill approved this week by the Senate Banking, Housing and Urban Affairs Committee as an example. bipartisan deal closed she says often missing in parliament.
her steadfast support for negotiations across the aisles fueled her Divorce from Democrats In one of the most high-profile Senate campaigns, her potential reelection path is complicated.
Cinema told The Associated Press about his role in facilitating a deal between chair Senator Sherrod Brown of Ohio and top Republican Senator Tim Scott of South Carolina. bottom.
“My job was to help them understand their differences and find common ground,” Cinema said.
A spokesperson for Brown and Scott said they worked with Cinema and other committee members to incorporate their ideas.
This measure collapse This year, Silicon Valley Bank became the second largest bank failure in U.S. history, followed by Signature Bank and First Republic Bank.
A Senate bill would make it easier for regulators to recover compensation from failing bank executives. Cinema said he called for a provision requiring the Federal Reserve to report on efforts to improve bank supervision.
After the Silicon Valley Bank collapse, Cinema was outraged for supporting a 2018 bill that relaxed “stress test” requirements for banks with $100 billion to $250 billion in assets, including Silicon Valley. Fed blamed for the collapse Poor management, watered-down regulations and lax oversight by its own staff are among the causes.
Cinema said his support for greater regulatory power was not a response to pressure on him. She said the critics “do not serve on relevant committees, do not understand the issues, and are not involved in the day-to-day work of ensuring a healthy and strong economic and financial system in our country.” rice field. ”
He said that even after the rollback, the Fed retained its authority to properly regulate banks, and although there were signs that Silicon Valley was in trouble, the central bank did not act with urgency. .
“The mistake they made in the past was operating at the speed of the old business, not the speed of the new business,” she says.
Cinema, known for keeping contact with reporters to a minimum, has stepped up her engagement with the media this year as she ponders her political future. Although she is raising money for her re-election, she said she is focused on her job in Congress and has not announced whether she will run.
She will take part in a challenging and unpredictable three-way race.
US Congressman Ruben GallegoA Marine Corps veteran and film critic, the only Democratic member of Congress in the Senate election.Pinal County Sheriff Mark Lamb The only major Republican nominee, former TV anchor Kari Lake is considering running.
Arizona will play a key role in the Democrats’ attempt to retain a majority in the Senate. The overall election map for 2024 favors Republicans.
Cinema has also been named as a candidate for a bipartisan White House “unity ticket” being considered by a group called No Labels. Seeking Access to Ballots Several states plan to field alternative candidates “if the parties elect a presidential candidate who is unduly opposed.”
On Thursday, Cinema rejected the idea.
“I’m not going to run for president,” she said.
