SVB Failure; Is Sinema to Blame?
Kyrsten Sinema, a new addition to the independents in Congress, has had a record of indecisiveness since beginning her senatorial term in 2019. Since 2004, Sinema had identified herself with the Democrats of Arizona. She has participated in Democratic caucuses and labeled herself as a Democrat, although her votes in the Senate were known to be some of the most conservative. Facing all of the backlash from peers in 2022, Sinema now officially identifies as an Independent, after winning her position with the tag of a Democrat.
Last week, news broke that the Silicon Valley Bank had failed. Housing much money from Silicon Valley tech startups, this failure has sent a shockwave across the country. The effects have rippled to a few other banks, but the U.S. federal government quickly stepped in to prevent the detrimental domino effect from spreading to all banks across the nation. This is the largest bank failure since 2008, but there is a wonder among citizens about how this could have been avoided.
Sinema appears to be no stranger to the finance industry. Her association with financial lobbyists is recognized by congress members and intuitive citizens. It was discovered that she was one of the congress members that received funding from the SVB PAC when voting to up the threshold at which the federal government would need to "stress test" the bank in 2018. Her vote, along with mainly Republicans, allowed SVB to slide by these regulations and others. With this information being released right after the bank failure in 2023, it is clear to see the direct connections between Sinema and SVB.
Sinema took it upon herself to introduce this conversion by posting about how she would, "crack down on bad actors," to, "hold those accountable responsible." Obviously, this created a public space for constituents to directly address their concerns with the Senator.
Many constituents came to Twitter to express their disapproval of Sinema's actions during her term. They took swiftly to pointing out Sinema's "no" vote on a bill to increase regulations and oversight of banks so that failures of this nature would be less likely in 2018. Thanks to certain Twitter users, many of those in the comments included the MSNBC article, pictured two paragraphs above, that detailed not only her shiftiness but also the money she was receiving from SVB lobbyists. Twitter users from Arizona have made it clear in her replies that they disapprove of the job she has done, and they intend to end that swiftly in the 2024 election.
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