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The Silicon Valley Bank (SVB) collapse and turmoil in the banking industry are providing a moment for Sen. Elizabeth Warren (D-Mass.) to jump back into the spotlight.
And Warren, who rose to prominence as a consumer protection advocate and has long made headlines for hammering banks, is seizing the opportunity.
Over the past week, the Massachusetts progressive and one-time presidential candidate has launched a wide-ranging offensive.
She unveiled legislation to repeal a 2018 deregulation law signed by former President Trump that raised the threshold for banks subject to federal scrutiny from $50 billion to $250 billion.
She has been a constant presence on cable news, with more appearances set for this weekend’s Sunday show circuit, penned an op-ed in The New York Times and has pressed former SVB CEO Greg Becker on his lobbying for the 2018 rollback of regulations.
To a number of Senate Democrats, she is an invaluable voice on the subject.
“Very important,” Sen. Bob Casey (D-Pa.), a backer of Warren’s new banking proposal, told The Hill. “She’s got not only a great commitment to consumers and families, more broadly she’s got a lot of expertise and is a great messenger and advocate on these issues.”
But Warren’s ongoing criticism is poised to cause a headache for President Biden and other Senate Democrats, especially those who voted for the 2018 rollback and are up for reelection in 2024.
In total, 12 sitting senators who caucus with the Democrats voted for the bill — including Sen. Kirsten Sinema (I-Ariz.), who voted for it in the House — which raised the asset threshold to $250 billion so SVB and dozens of other banks were exempted from the strict federal oversight.
Warren’s legislation, the Secure Viable Banking Act, was introduced in the House by progressive Rep. Katie Porter (D-Calif.). Despite the warm welcome from some corners of the party, it hasn’t been embraced by Democratic leadership.
When asked if he supports Warren’s blueprint, Senate Majority Leader Chuck Schumer (D-N.
