Sen. Mark Warner, Virginia Democrat and a member of the Senate banking committee, downplayed Monday the campaign contributions he received from the failed Silicon Valley Bank by saying he was unswayed by them.
The Virginia lawmaker, who was among 17 Senate Democrats in 2018 to vote in favor of a partial rollback of banking regulations under the Dodd-Frank Act passed in the aftermath of the 2008 financial crisis, said he “has never been influenced by campaign contributions on any issue.”
Stocks gained Monday as fears eased about the potential for a contagion of bank collapses, and investors looked for the Federal Reserve to scale back an aggressive interest-rate increase this week. The Dow Jones Industrial Average was up 382 points, or 1.2%, to close at 32,244 points. Rep. Patrick McHenry, North Carolina Republican and House Financial Services Committee chairman, and Sen. Tim Scott of South Carolina, top Republican on the Senate banking committee, demanded information Monday from the Federal Reserve and the FDIC about their regulatory actions on SVB and Signature Bank for the two years leading up to their collapse.
“These rules were designed to safeguard our banking system and economy from the negligence of bank executives like yourself – and their rollback, along with atrocious risk management policies at your bank, have been implicated as chief causes of its failure,” Ms. Warren wrote.
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Sen. Warner downplays SVB campaign donations, says bank failure likely not caused by lax regulationsSen. Mark Warner, a member of the Senate Banking Committee who was among several lawmakers to receive campaign contributions from the failed Silicon Valley Bank, downplayed the donations on Monday by saying he was unswayed by them.
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Maryland, West Virginia Methodist congregations sue denomination over departure paymentsThirty-eight United Methodist Church congregations in Maryland and West Virginia have sued the Baltimore-Washington Conference and its leader, Bishop LaTrelle Easterling, claiming the regional body is extorting a “financial ransom” of half their church property value as they seek to leave the denomination.
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Virginia man wins Powerball with 2 tickets in same drawingBen Baker, of Covington, Virginia, matched four of the winning numbers plus the Powerball number on two tickets to win a total of $300,000 in the March 4 drawing.
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Virginia man wins Powerball with 2 tickets in same drawing, totaling $150KThe winning numbers in that drawing were 10-16-18-40-66, and the Powerball number was 16, according to a press release.
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NCAA women's tournament winners, losers: Big girls shine, Virginia Tech makes team historyBigs come up, well, big as better seeds have their way in Day 3 of the NCAA women's basketball tournament.
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Temple quarterback E.J. Warner walks us through his processThe young quarterback had a breakout season with the Owls as one of the bright spots of a difficult season.
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