Arizona Sen. Kyrsten Sinema, the Democratic defector turned independent who's been criticized as too closely aligned with Wall Street interests, took credit Thursday for helping broker legislation that would target executives of failed banks.
Sinema, who has not said whether she will seek a second-term in 2024, cited the bill approved this week by the Senate Banking, Housing and Urban Affairs Committee as an example of the bipartisan dealmaking she says is often lacking from Congress.
“My job was helping them understand the differences between them and helping them find some of that common ground,” Sinema said. The Senate bill would make it easier for regulators to claw back compensation from executives at failed banks. Sinema said she pushed to include a provision requiring the Federal Reserve to report on efforts to improve bank oversight.
She said the Fed retained power to appropriately regulate banks even after the rollback and that the central bank had indications that Silicon Valley was in trouble but did not act with urgency.
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