FIRST ON FOX: Progressive Democratic Rep. Ruben Gallego, D-Ariz., joined his Democrats this week in blaming a 2018 banking bill for the recent collapse of the Silicon Valley Bank (SVB), even though the company where his lobbyist works is itself used heavily for Bill’s passage.
Sydney Barron Gallego, who has worked for the National Association of Realtors since 2019, has not campaigned directly for the Economic Growth, Regulatory Assistance and Consumer Protection Act, but the organization’s then-President Elizabeth Mendenhall sent a letter to Senate lawmakers in March 2018 praised the legislation.
“The Economic Growth, Regulatory Ease and Consumer Protection Act includes some favorable provisions for the housing industry, including expanding use of Fannie Mae and Freddie Mac Alternative credit rating models; more responsible stewardship of Property Assessed Clean Energy or PACE loans; and improving access to ready housing and facilitating lending through reduced regulatory burdens on smaller community banks and credit unions,” Mendenhall wrote the letter.
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“Realtors® believe that financial regulations must be balanced with adequate consumer protections, and we believe this law achieves that goal; we call on Congress and the administration to enact S. 2155,” she added.
Contrary to her employer’s position on the legislation, Gallego’s wife “disliked” a Tuesday tweet from her husband, which included Sen. Kyrsten Sinema, I-Ariz., about her support for the law when she was a member of the House of Representatives was blown up.
Gallego, who is challenging Sinema in the 2024 US Senate race in Arizona, continued his criticism Tuesday afternoon while speaking to reporters outside SVB’s offices in Tempe. “When push came to shove and the vote took place, I voted to protect Arizona and she voted to protect Wall Street,” he said.
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The law, passed with bipartisan support before it was signed into law by former President Donald Trump, has come under renewed focus after it was revealed that many Democrats and Republicans who voted in favor previously stole thousands of dollars in contributions from SVB and its lobbyists had received voting.
Sinema’s congressional campaigns received a total $9,350 between 2012 and 2018 by Matthew Tanielian, Joshua Ackil and Brian Peters, who were then SVB lobbyists; However, she has called on the federal government to hold accountable those responsible for the collapse and the continued stability of the banking system.
This isn’t the first time Gallego has stalked Sinema since he launched his Senate campaign earlier in the year. In January, he accused her of being funded by “big lobbyists” through campaign-related activities and his wife’s hiring, despite his own ties to the industry.
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Sinema filed papers to run as an independent after leaving the Democratic Party in December, but has not officially said she will seek re-election.
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Fox News Digital reached out to representatives from Gallego and Sinema for comment, but didn’t immediately receive responses.
Source : www.foxnews.com