The Senate passed bipartisan legislation Thursday night that aims to avert a U.S. <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt default</a>.
After a series of amendments failed, the upper chamber voted 63-36 to send <a href="https://rules.house.gov/bill/118/hr-fiscal-responsibility-act" target="_blank" rel="noopener">The Fiscal Responsibility Act</a> to the White House where President Joe Biden is expected to sign the bill. Senate leaders quickly lauded the bill&#8217;s passage while taking shots at each other&#8217;s party.
&#8220;We prevented a catastrophic default that would have decimated our economy and [inflicted] immense pain on families,&#8221; <a href="https://twitter.com/SenSchumer/status/1664470685224140801" target="_blank" rel="noopener">tweeted</a> Senate Majority Leader Chuck Schumer (D-NY). &#8220;We preserved the lion’s share of the historic investments we made. We took off the table the worst parts of the MAGA Republican plan that would have hurt families.&#8221;
Senate Minority Leader Mitch McConnell (R-KY) released a <a href="https://www.republicanleader.senate.gov/newsroom/press-releases/senate-passes-bipartisan-debt-limit-agreement-" target="_blank" rel="noopener">statement</a> that said: “Thanks to House Republicans’ efforts, the Fiscal Responsibility Act avoids the catastrophic consequences of default and begins to curb Washington Democrats’ addiction to reckless spending that grows our nation’s debt.&#8221;
The legislation, which arose out of an agreement struck between White House officials and Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA), comes ahead of what has become known as the &#8220;X-date&#8221; on June 5, when Treasury Secretary Janet Yelen predicted reserves could run out.
The Treasury Department has been enacting “extraordinary measures” since earlier this year when the United States hit its statutory limit of roughly $31.4 trillion and warned of dire economic consequences if the country was unable to reach a deal to lift the debt ceiling.
The legislation <a href="https://www.nytimes.com/2023/05/29/business/debt-ceiling-agreement.html" target="_blank" rel="noopener">suspends the debt limit until January 2025</a> and implements restraints on spending that the Congressional Budget Office estimated would <a href="https://www.cbo.gov/system/files/2023-05/hr3746_Letter_McCarthy.pdf" target="_blank" rel="noopener">reduce budget deficits</a> by $1.5 trillion over the next decade. As noted by McConnell in his statement, the bill also begins &#8220;to reform the infrastructure permitting process, finally rescind unspent COVID dollars, and cut spending at the IRS.&#8221;
While the bill did receive a bipartisan consensus, as underscored by a <a href="https://www.dailywire.com/news/house-passes-mccarthy-biden-debt-ceiling-compromise-bill" target="_blank" rel="noopener">vote in the House on Wednesday</a> with more than 100 Republicans and Democrats each supporting the measure, there were detractors in both parties.
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Conservatives generally argued that the bill did not go far enough in reducing spending while leftist lawmakers pushed back on certain provisions, such as the <a href="https://thehill.com/homenews/house/4028920-progressives-vent-frustration-as-debt-limit-bill-nears-final-vote/" target="_blank" rel="noopener">expansion of some requirements for food stamps</a>.
&#8220;No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people,&#8221; Biden said in a statement Thursday evening.
The president said he looks forward to signing the bill into law &#8220;as soon as possible&#8221; and addressing the American people on Friday.

Chuck Schumer

Senate Passes Debt Ceiling Bill To Avert Default Ahead Of ‘X-Date’

Senate Passes Debt Ceiling Bill To Avert Default Ahead Of 'X-Date'

Congress

Debt Ceiling

Kevin McCarthy

Mitch McConnell

Senate

U.S.

This week, Speaker of the House Kevin McCarthy (R-CA) and President Joe Biden cut a deal to raise the debt limit. The breakthrough came after three months of Biden pledging not to even negotiate over the debt limit. Instead, Biden was forced to concede to a 1% cap on increases for non-military spending, a cutback on IRS funding, a clawback of some unspent COVID allocations, and the addition of work requirements for some federal aid. The compromise deal was indeed far less than House Republicans had demanded, as Rep. Nancy Mace (R-SC) tweeted, “After factoring in a small cut to discretionary spending over the next 2 yrs, we are still talking about ~$6T more or less in spending bc of large increases in spending elsewhere….Govt grew massively over the past 3 years. This growth was supposed to be emergency funding only during COVID. During this time, govt grew 40% or by $2 trillion from 2019 to 2023. We went from spending just over $4T to spending just over $6T.”
Every word of that critique is true. Compared to conservative ideals, the compromise bill is indeed a flaming bag of fiscal manure. But conservative ideals weren’t on the table. Biden is the president. Sen. Chuck Schumer (D-NY) — thanks in large part to the tender 2020 ministrations of President Trump in the Georgia Senate runoffs and his further interference in the 2022 Senate races in Georgia, Arizona, New Hampshire, and Pennsylvania — is still the Senate majority leader. This means that Republicans were never going to get a big win on budgetary matters.
For that matter, Republicans couldn’t even get a big win on budgetary matters from 2016 to 2018, when they controlled both houses of Congress and Trump was actually president. In fact, Trump campaigned in 2016 against changes to entitlement programs, which represent the biggest driver of our national spending addiction — some 62% of federal spending annually. Combine that spending with 10% of our spending on net interest and another 13% or so on defense spending, and the discretionary outlays at issue represent under $1 trillion. That’s a lot of money, to be sure, but making serious cuts to that number would still put our budget in the $5 trillion range.
The reality is that our budgetary debates are generally about shifting deck chairs on the fiscal Titanic. By 2053, we will be dedicating in excess of 21% of our national budget to debt service alone. Mandatory spending will constitute 58% of our spending. We aren’t going to cut our way out of this problem by targeting discretionary spending in the main.
But nobody will touch the real drivers of our budgetary bloat and economic stagnation — Social Security, Medicare, and Medicaid. To do so would risk the wrath of entrenched interests in the United States. So instead, we’ll simply increase the size and scope of federal spending, placing an unsustainable burden on our economy, then eventually mandating vastly increased taxes or serious austerity measures. There is no third path forward.
Our politicians know this. But they’re in the business of kicking cans down the road while posturing over the placement of the deck chairs. The iceberg looms, but their re-election efforts rely almost completely on ignoring its presence as we bear down, full speed, on our fiscal doom.

Ben Shapiro 2

Our Fake Spending Debates

Ben Shapiro

Biden Administration

Federal Government

Joe Biden

Readers Pass

Democrats attempt to smear anybody who goes against their agenda as a &#8220;MAGA&#8221; extremist — even if those individuals are liberal members of the <a href="https://www.dailywire.com/topic/supreme-court" target="_blank" rel="noopener">United States Supreme Court</a>.
For example, this week, the Supreme Court released a unanimous 9 &#8211; 0 decision against the Environmental Protection Agency and the Biden administration, thereby drastically cutting back the federal government&#8217;s overreach. So, what did Senate Majority Leader Chuck Schumer (D-NY) do? Well, he threw them all under the bus with a warning to Americans.
&#8220;This MAGA Supreme Court is continuing to erode our country’s environmental laws,&#8221; Schumer tweeted. &#8220;Make no mistake—this ruling will mean more polluted water, and more destruction of wetlands. We’ll keep fighting to protect our waters.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
This MAGA Supreme Court is continuing to erode our country’s environmental laws.
Make no mistake—this ruling will mean more polluted water, and more destruction of wetlands.
We’ll keep fighting to protect our waters. <a href="https://t.co/wlp1LTvZJB">https://t.co/wlp1LTvZJB</a>
&mdash; Chuck Schumer (@SenSchumer) <a href="https://twitter.com/SenSchumer/status/1661764643692462082?ref_src=twsrc%5Etfw">May 25, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Dan McLaughlin of National Review summed up how ludicrous Schumer&#8217;s claim was.
&#8220;Unanimous SCOTUS decision written by George W. Bush appointee. Outcome joined by GHW Bush appointee, 2d GW Bush appointee, 2 Obama appointees, &amp; a Biden appointee. The 3 Dems joined a concurring opinion written by a Trump appointee,&#8221; he tweeted. &#8220;Chuck Schumer: That&#8217;s so MAGA!&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Unanimous SCOTUS decision written by George W. Bush appointee. Outcome joined by GHW Bush appointee, 2d GW Bush appointee, 2 Obama appointees, &amp; a Biden appointee. The 3 Dems joined a concurring opinion written by a Trump appointee.
Chuck Schumer: That&#39;s so MAGA! <a href="https://t.co/oL6Ugjfvu3">https://t.co/oL6Ugjfvu3</a>
&mdash; Dan McLaughlin (@baseballcrank) <a href="https://twitter.com/baseballcrank/status/1661786325735944228?ref_src=twsrc%5Etfw">May 25, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Four of the justices — the three liberals and Justice Brett Kavanugh — disagreed over the limits the EPA is afforded by Congress.
&#8220;All nine justices rejected the standard proposed by the EPA,&#8221; he further explained. &#8220;The 5-4 split was over less expansive readings of the statute.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
All nine justices rejected the standard proposed by the EPA. The 5-4 split was over less expansive readings of the statute. <a href="https://t.co/1Oi9L9AGj8">https://t.co/1Oi9L9AGj8</a>
&mdash; Dan McLaughlin (@baseballcrank) <a href="https://twitter.com/baseballcrank/status/1661877784174632961?ref_src=twsrc%5Etfw">May 25, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
For his part, Kavanaugh <a href="https://www.nytimes.com/2023/05/25/us/supreme-court-epa-water-pollution.html" target="_blank" rel="noopener">wrote</a>, “By narrowing the act’s coverage of wetlands to only adjoining wetlands, the court’s new test will leave some long-regulated adjacent wetlands no longer covered by the Clean Water Act, with significant repercussions for water quality and flood control throughout the United States.&#8221;
Readers should keep in mind that Kavanaugh is one of the justices who Schumer threatened in 2020.
&#8220;I want to tell you Gorsuch, I want to tell you Kavanaugh — you have released the whirlwind, and you will pay the price,&#8221; he said in front of a raging crowd at the Supreme Court building in D.C.  &#8220;You won’t know what hit you if you go forward with these awful decisions.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Wow:
Chuck Schumer to Justices Gorsuch &amp; Kavanaugh:
“You have released the whirlwind &amp; you will pay the price.”
“You won’t know what hit you if you go forward with these decisions”
Can you imagine the media outrage if McConnell said this about RBG?
🤔<a href="https://t.co/0yK0YrloJC">pic.twitter.com/0yK0YrloJC</a>
&mdash; Charlie Kirk (@charliekirk11) <a href="https://twitter.com/charliekirk11/status/1235290061568192518?ref_src=twsrc%5Etfw">March 4, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
So Schumer has a long history of revving up his base with fear-mongering and demagoguery. This is exactly his goal in labeling the High Court a &#8220;MAGA Supreme Court.&#8221; He, and other Democrats, want the American people to believe that it is somehow &#8220;<a href="https://www.theguardian.com/law/2023/may/21/supreme-court-expansion-democrats" target="_blank" rel="noopener">illegitimate</a>&#8221; and dangerous.
Despite his qualms about former President Donald Trump&#8217;s supposed undermining of norms and democracy, he does not hesitate to sow distrust of any institution that stands in his party&#8217;s way for power.
Schumer is one of the party&#8217;s top leaders. There is no appeasing the Left — they will always paint you in the worst light possible so that they can gain more power.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire. 

Related: <a href="https://www.dailywire.com/news/harvey-weinstein-linked-biden-adviser-liberal-group-created-maga-smear-during-six-month-research-project-report" target="_blank" rel="noopener">Harvey Weinstein-Linked Biden Adviser, Liberal Group Created ‘MAGA’ Smear During Six-Month Research Project: Report</a>

WASHINGTON, DC – JANUARY 24: Senate Majority Leader Chuck Schumer (D-NY) speaks during a news conference about abortion rights outside the U.S. Capitol January 24, 2023 in Washington, DC. The group of Senate Democrats held the news conference to mark the 50th anniversary of the now-overturned Roe v. Wade Supreme Court decision.

Huh? Chuck Schumer Slams ‘MAGA Supreme Court’ After A Unanimous Decision

Huh? Chuck Schumer Slams 'MAGA Supreme Court' After A Unanimous Decision

Donald Trump

MAGA

Politics

Supreme Court

Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.
The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.
Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.
“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.
A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.
The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.
The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.
The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.
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The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”
Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”
The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.

Jamie Dimon

Major Bank Sets Up ‘War Room’ As Nation Approaches Debt Default

Major Bank Executives Meet With Democrats As Nation Approaches Debt Default

Bank of America

Banks

Citigroup

Economy

Janet Yellen

JP Morgan

National Debt

The <a href="https://www.dailywire.com/topic/u-s-senate" target="_blank" rel="noopener">Senate</a> will hold hearings on the <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> bill passed by the GOP-led <a href="https://www.dailywire.com/topic/u-s-house-of-representatives" target="_blank" rel="noopener">House</a> starting this week, Majority Leader <a href="https://www.dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) announced on Monday.
In a letter to colleagues, Schumer made it clear his aim is not so much to pass the bill championed by House Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA) but rather to &#8220;expose the true impact of this reckless legislation on everyday Americans.&#8221;
Schumer said the Senate Budget Committee would hold a hearing Thursday on the &#8220;Default on America Act,&#8221; a mocking nickname for the legislation favored by the Democrats.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Schumer trashes McCarthy’s debt limit bill: “Beginning this week, our Committees will begin to hold hearings to expose the true impact of this reckless legislation on everyday Americans. On Thursday, the Budget Committee will hold a hearing on the Default on America Act.” <a href="https://t.co/4diI17mYoQ">pic.twitter.com/4diI17mYoQ</a>
&mdash; Sahil Kapur (@sahilkapur) <a href="https://twitter.com/sahilkapur/status/1653028087808897024?ref_src=twsrc%5Etfw">May 1, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
On Wednesday, House lawmakers narrowly <a href="https://www.dailywire.com/news/gop-led-house-passes-mccarthys-plan-to-raise-debt-limit" target="_blank" rel="noopener">passed</a> the bill called the &#8220;Limit, Save, Grow Act of 2023,&#8221; which would <a href="https://www.dailywire.com/news/four-gop-holdouts-explain-why-they-voted-against-mccarthy-championed-debt-ceiling-bill">suspend the debt ceiling</a> through March 31, 2024, or until an increase in debt of $1.5 trillion — whichever comes first — in exchange for a host of spending cuts. The Congressional Budget Office <a href="https://thehill.com/homenews/house/3971403-gop-debt-ceiling-bill-would-save-about-4-8-trillion-over-10-years-cbo-estimate/" target="_blank" rel="noopener">projected</a> the proposal would slash federal deficits by $4.8 trillion over ten years.
Treasury Secretary Janet Yellen notified Congress in January that the United States had hit the statutory limit of roughly $31.4 trillion and advised that her agency take “<a href="https://www.dailywire.com/news/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached" target="_blank" rel="noopener">extraordinary measures</a>” so the government could continue to pay its bills, but only in the short term. Experts have <a href="https://thehill.com/business/3869077-us-could-default-on-debt-as-soon-as-june-analysis/" target="_blank" rel="noopener">warned of a default</a> this summer that could <a href="https://www.nytimes.com/2023/03/07/us/politics/debt-default-economy.html" target="_blank" rel="noopener">cripple the U.S. economy</a> without a deal to raise the borrowing limit for the federal government, which the Treasury Department <a href="https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit" target="_blank" rel="noopener">says Congress has acted upon 78 times since 1960</a>.
President Joe Biden and his fellow Democrats have insisted on a “clean” debt ceiling bill separate from any spending cuts or any policy concessions. In the run-up to the House passing a bill, Biden accused House Republicans of pushing the country to a default &#8220;unless I agree to all these wacko notions they have.&#8221;
During a press conference after the House vote, McCarthy dared Schumer to put an alternative debt ceiling plan to a vote, noting the House and Senate could go to conference if it passed, and the speaker challenged Biden to agree to talks. &#8220;Now, the president can no longer put this economy in jeopardy,&#8221; McCarthy said.
In his letter to colleagues, Schumer outlined various ways he argues the GOP plan would hurt Americans, including by clamping down on federal benefits and damaging the country&#8217;s &#8220;international standing by gutting funding for critical State Department programs and cutting-edge research facilities and sending jobs overseas.&#8221;
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The House GOP bill, Schumer wrote, &#8220;offers two choices: either default on the debt or default on America, forcing steep cuts to law enforcement, veterans, families, teachers, and kids. Democrats will not allow it.&#8221;

Senate Majority Leader Chuck Schumer

Senate Plans Hearings On ‘Reckless’ House GOP Debt Ceiling Bill

Schumer Announces Senate Hearings On 'Reckless' House GOP Debt Ceiling Bill

<a href="http://dailywire.com/topic/elon-musk" target="_blank" rel="noopener">Elon Musk</a> met with members of <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> on Wednesday to discuss the possibility of regulating <a href="http://dailywire.com/topic/artificial-intelligence?_gl=1*s3bexv*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY4MjYwMjM2MS4xNDcuMS4xNjgyNjA2Mjc0LjU4LjAuMA.." target="_blank" rel="noopener">artificial intelligence</a> as many companies rush to incorporate the systems into their operations.
Leading corporations and venture capital firms have poured considerable funds into developing AI tools meant for consumer products and internal business solutions. Musk <a href="https://twitter.com/elonmusk/status/1651443468638605313?s=51" target="_blank" rel="noopener">contended</a> on social media after his discussion with lawmakers that regulations would protect the population from possible harmful effects of the nascent <a href="http://dailywire.com/topic/technology" target="_blank" rel="noopener">technology</a>.
“That which affects safety of the public has, over time, become regulated to ensure that companies do not cut corners,” the billionaire entrepreneur commented. “AI has great power to do good and evil. Better the former.”
Senate Majority Leader Chuck Schumer (D-NY), who took part in the discussion with Musk, recently <a href="https://www.democrats.senate.gov/newsroom/press-releases/schumer-launches-major-effort-to-get-ahead-of-artificial-intelligence" target="_blank" rel="noopener">unveiled</a> possible steps to regulate AI as generative language systems such as ChatGPT induce a development race in the technology sector. The broad regulatory framework will attempt to “increase transparency, responsibility, and accountability” for AI systems while “reducing the potential for misuse” or promoting “misinformation and bias.”
“Good news,” Musk <a href="https://twitter.com/elonmusk/status/1646549636780523520" target="_blank" rel="noopener">responded</a> after Schumer released the outline of the framework. “AI regulation will be far more important than it may seem today.”
Technology firms otherwise battered by recent economic tumult have seen mass market AI as a possible windfall amid a drastic increase in demand for the systems among knowledge workers. Microsoft, which invested billions of dollars into ChatGPT creator OpenAI, announced that the system would be <a href="https://www.dailywire.com/news/microsoft-unveils-new-version-of-bing-powered-by-artificial-intelligence" target="_blank" rel="noopener">incorporated</a> into the search engine Bing and internet browser Edge, allowing users to more easily locate information. Google <a href="https://www.dailywire.com/news/google-search-will-soon-receive-ai-upgrade-as-company-scrambles-to-release-chatgpt-competitor" target="_blank" rel="noopener">revealed</a> one day earlier that Bard, an experimental conversational AI service, would soon be added to the company’s search engine.
Musk, a co-founder of OpenAI who has since resigned his seat on the company’s board of directors, recently signed an <a href="https://www.dailywire.com/news/musk-wozniak-other-tech-leaders-call-for-six-month-pause-on-ai-development" target="_blank" rel="noopener">open letter</a> with hundreds of other technology leaders which called for a six-month moratorium on developing AI solutions stronger than GPT-4 as the world considers possible ramifications of the technology. “Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable,” the letter asserted. “This confidence must be well justified and increase with the magnitude of a system’s potential effects.”
Other technology experts <a href="https://www.dailywire.com/news/the-sky-is-not-falling-versus-everyone-on-earth-will-die-musks-call-for-six-month-pause-on-ai-kindles-heated-debate" target="_blank" rel="noopener">countered</a> after the release of the letter that the concerns from Musk and others were exaggerated, additionally noting that adversarial nations such as China will not pause their AI development efforts. Schumer acknowledged in his call for AI regulation that any such policy framework must permit American researchers to compete with their Chinese rivals.
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Musk said last week that he <a href="https://www.dailywire.com/news/i-tried-to-warn-the-public-for-years-elon-musk-said-he-cautioned-obama-about-ai-long-ago" target="_blank" rel="noopener">used</a> his only one-on-one meeting with former President Barack Obama to warn about the dangers of AI and encourage regulation of the technology. He <a href="https://twitter.com/elonmusk/status/1647601906087329794" target="_blank" rel="noopener">commented</a> on social media that he saw the present advance in AI coming “well before GPT-1,” which is why he “tried to warn the public for years.”
Despite the looming uncertainty with the technology, including the possibility of <a href="https://www.dailywire.com/news/colossal-share-of-american-jobs-could-be-replaced-by-ai-new-report-says" target="_blank" rel="noopener">widespread</a> unemployment in knowledge professions, studies have indicated that AI systems drastically improve worker productivity. One recent <a href="https://www.dailywire.com/news/heres-how-much-more-efficient-ai-makes-the-average-worker-study" target="_blank" rel="noopener">analysis</a> of customer support employees showed that generative AI helped workers respond to 14% more chats than their colleagues who did not have access to the system; Amazon, which released several mass-market AI solutions earlier this month, likewise found that coders who used AI computer programming tool CodeWhisperer <a href="https://www.dailywire.com/news/amazon-jumps-into-commercial-ai-race-with-multiple-competitors-to-chatgpt" target="_blank" rel="noopener">completed</a> tasks 57% faster and were 27% more likely to achieve success than those who did not use the system, which can generate real-time code suggestions.

Elon Musk

Musk Meets With Lawmakers To Discuss AI: ‘Great Power To Do Good And Evil’

Musk Meets With Lawmakers To Discuss AI

Artificial Intelligence

Senate Republicans blocked a plan by Democrats to quickly replace Sen. <a href="https://www.dailywire.com/topic/dianne-feinstein" target="_blank" rel="noopener">Dianne Feinstein</a> (D-CA) on the Senate Judiciary Committee on Tuesday.
Sen. <a href="https://www.dailywire.com/topic/lindsey-graham" target="_blank" rel="noopener">Lindsey Graham</a> (R-SC) objected when Senate Majority Leader Chuck Schumer (D-NY) sought unanimous consent for a resolution that would allow Ben Cardin, a Democrat who is the senior senator from Maryland, to take Feinstein&#8217;s place.
“She’s a dear friend and we hope for her speedy recovery and return back to the Senate. With all due respect, my colleague, Sen. Schumer, this is about a handful of judges that you can’t get the votes for,” Graham said, <a href="https://www.cnn.com/2023/04/18/politics/schumer-senate-feinstein-vote-cardin/index.html" target="_blank" rel="noopener">per CNN</a>.
As Graham indicated, central to the debate are nominees to federal courts around the country. By mid-February, the Senate confirmed more than 100 judicial appointments, meaning that in two years President Joe Biden was <a href="https://abcnews.go.com/Politics/biden-appointed-105-federal-judges-outpacing-trump-obama/story?id=97200133" target="_blank" rel="noopener">outpacing his immediate predecessors</a>. Any effort to reshape the federal judiciary ran into a roadblock when the judiciary panel, <a href="https://www.judiciary.senate.gov/nominations" target="_blank" rel="noopener">which considers</a> both executive nominations and judicial nominations, when Feinstein became a no-show on Capitol Hill.
If Democrats press the issue, replacing Feinstein on the Judiciary Committee could lead to a vote that would require the support of 60 members in the narrowly-divided Senate. <a href="https://www.politico.com/newsletters/playbook/2023/04/17/no-gop-favors-for-feinstein-00092278" target="_blank" rel="noopener">At least 10 Republicans</a> need to join with Democrats and independents, but already prospects appear grim. Senate Minority Leader Mitch McConnell (R-KY) <a href="https://twitter.com/igorbobic/status/1648335139687084033" target="_blank" rel="noopener">said on Tuesday</a> that GOP senators &#8220;will not take part in sidelining a temporary absent colleague off a committee just so Democrats can force through their very worst nominees.&#8221;
Feinstein announced in <a href="https://www.dailywire.com/news/dianne-feinstein-hospitalized-in-san-francisco" target="_blank" rel="noopener">early March</a> that she had been hospitalized in San Francisco after being diagnosed with a case of shingles. Though Feinstein said she hoped to return to the Senate by the end of the month, that didn&#8217;t happen and some of her fellow Democrats, including <a href="https://www.dailywire.com/news/top-democrat-congressman-calls-for-dianne-feinstein-to-resign-immediately-can-no-longer-fulfill-her-duties" target="_blank" rel="noopener">Rep. Ro Khanna (D-CA),</a> began to crank up the pressure for Feinstein to retire. Instead of giving in, Feinstein asked Schumer last week to <a href="https://www.dailywire.com/news/feinstein-asks-schumer-to-let-another-democrat-take-committee-spot-2nd-democrat-calls-for-resignation" target="_blank" rel="noopener">temporarily replace</a> her on the Judiciary Committee while she continues to recover.
Judiciary Chairman Dick Durbin (D-IL) recently conceded that Feinstein&#8217;s absence is holding up the ability of the panel, which is <a href="https://www.judiciary.senate.gov/about/members" target="_blank" rel="noopener">split 10-10</a> along party lines without her, to advance Biden&#8217;s nominees to federal courts around the nation. &#8220;I can’t consider nominees in these circumstances because a tie vote is a losing vote in committee,&#8221; <a href="https://www.cnn.com/2023/04/10/politics/biden-judges-senate-blue-slips-absences/index.html" target="_blank" rel="noopener">he told CNN</a>.
Also potentially at stake is a possible hearing focused on Supreme Court Justice Clarence Thomas and the revelations of <a href="https://www.nytimes.com/2023/04/13/us/politics/clarence-thomas-harlan-crow-real-estate.html" target="_blank" rel="noopener">previously undisclosed gifts and luxury trips</a> from a <a href="https://www.dailywire.com/news/harlan-crow-hits-back-slams-yellow-journalism-and-political-hit-job-on-his-friend-clarence-thomas" target="_blank" rel="noopener">wealthy conservative donor</a>. An aide to the Democrats told NBC News that the use of a subpoena is &#8220;<a href="https://www.nbcnews.com/politics/congress/democrats-eye-hearing-clarence-thomas-gift-revelations-rcna80241" target="_blank" rel="noopener">out of the question</a>&#8221; without a majority on the committee.
It remains possible that Feinstein does make a return to Washington, D.C. in the near future and there will not be a need for a vote to replace her on the judiciary panel. In speaking with reporters on Tuesday, Schumer said he &#8220;spoke to Sen. Feinstein just a few days ago and she and I are both very hopeful that she will return very soon.&#8221;
Feinstein, the Senate&#8217;s oldest member at the age of 89, <a href="https://www.dailywire.com/news/dianne-feinstein-not-running-for-re-election-in-2024" target="_blank" rel="noopener">announced in February</a> she would not seek re-election in 2024. Three prominent House Democrats — Reps. Adam Schiff, Katie Porter, and <a href="https://www.dailywire.com/news/barbara-lee-announces-bid-for-dianne-feinsteins-senate-seat" target="_blank" rel="noopener">Barbara Lee</a> — have announced campaigns to replace Feinstein in the Senate.

Sen. Dianne Feinstein

Senate GOP Blocks Dem Bid To Replace Feinstein On Judiciary

Dianne Feinstein

Lindsey Graham

Sen. <a href="https://www.dailywire.com/topic/dianne-feinstein" target="_blank" rel="noopener">Dianne Feinstein</a> (D-CA) revealed late on Wednesday that she has asked that Senate Majority Leader Charles Schumer (D-NY) allow another Democrat senator to take her spot on Judiciary Committee amid her ongoing health struggles.
Feinstein, 89, has been battling health issues in recent years and was <a href="https://www.dailywire.com/news/dianne-feinstein-hospitalized-in-san-francisco" target="_blank" rel="noopener">hospitalized</a> last month after being diagnosed with a case of shingles.
&#8220;When I was first diagnosed with shingles, I expected to return by the end of the March work period,&#8221; she said in a statement. &#8220;Unfortunately, my return to Washington has been delayed due to continued complications related to my diagnosis.&#8221;
Feinstein said that she intends to return as soon as possible once her doctor advises her that it is safe to travel. In the meantime, she says that she is working from San Francisco.
&#8220;I understand that my absence could delay the important work of the Judiciary Committee, so I&#8217;ve asked Leader Schumer to ask the Senate to allow another Democratic senator to temporarily serve until I&#8217;m able to resume my committee work,&#8221; she said.
Feinstein&#8217;s statement comes after Rep. Ro Khanna (D-CA) called on her to resign earlier in the day, saying that it has become “obvious” that she can no longer fulfill her duties in the U.S. Senate.
“It’s time for @SenFeinstein to resign,” Khanna said on Twitter. “We need to put the country ahead of personal loyalty. While she has had a lifetime of public service, it is obvious she can no longer fulfill her duties.”
“Not speaking out undermines our credibility as elected representatives of the people,” he added.
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Rep. Dean Phillips (D-MN) later agreed with Khanna, writing: &#8220;I agree with @RoKhanna.&#8221;
&#8220;Senator Feinstein is a remarkable American whose contributions to our country are immeasurable,&#8221; he added. &#8220;But I believe it’s now a dereliction of duty to remain in the Senate and a dereliction of duty for those who agree to remain quiet.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I agree with <a href="https://twitter.com/RoKhanna?ref_src=twsrc%5Etfw">@RoKhanna</a>. Senator Feinstein is a remarkable American whose contributions to our country are immeasurable. But I believe it’s now a dereliction of duty to remain in the Senate and a dereliction of duty for those who agree to remain quiet. <a href="https://t.co/lvaHhLJYsi">https://t.co/lvaHhLJYsi</a>
&mdash; Rep. Dean Phillips 🇺🇸 (@RepDeanPhillips) <a href="https://twitter.com/RepDeanPhillips/status/1646269676996153344?ref_src=twsrc%5Etfw">April 12, 2023</a></blockquote>
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Feinstein Asks Schumer To Let Another Democrat Take Committee Spot; 2nd Democrat Calls For Resignation

California

Two Democrat senators are requesting the <a href="https://www.dailywire.com/topic/department-of-justice" target="_blank" rel="noopener">Department of Justice</a> to open an investigation into the expulsion of two <a href="https://www.dailywire.com/topic/tennessee" target="_blank" rel="noopener">Tennessee</a> state House Democrats who <a href="https://www.dailywire.com/news/tennessee-gop-expels-democrat-following-state-capitol-storming" target="_blank" rel="noopener">disrupted a floor session</a> with a bullhorn. 
Sen. <a href="https://www.dailywire.com/topic/raphael-warnock" target="_blank" rel="noopener">Raphael Warnock</a> (D-GA) and Senate Majority Leader <a href="https://www.dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) sent a letter to the DOJ on Wednesday, urging the department to investigate the expulsion of the lawmakers on constitutional and civil rights grounds. 
“We do not believe that breaking decorum is alone sufficient cause for employing the most draconian of consequences to duly-elected lawmakers,” the senators say in their <a href="https://www.washingtonpost.com/politics/2023/04/12/tennessee-expulsions-prompt-senate-democrats-call-doj-inquiry/" target="_blank" rel="noopener">letter</a> obtained by the Washington Post. “This is un-democratic, un-American, and unacceptable, and the U.S. Department of Justice should investigate whether it was also unlawful or unconstitutional.”
The senators reference the 1966 Supreme Court case Bond v. Floyd, where the Georgia House decision to deny a representative his seat because of his views on the Vietnam War was ruled unconstitutional. 
The letter followed the historic expulsion last week by Tennessee Republicans of Rep. Justin Jones (D-Nashville) and Rep. Justin Pearson (D-Memphis) over their actions during a storming of the state capitol building by gun control activists, where the two lawmakers led chants with a bullhorn and disrupted the floor session. A third lawmaker who stood by Jones and Pearson, Rep. Gloria Johnson (D-Knoxville), escaped expulsion by one vote. 
Tennessee House Republican Majority Leader Rep. William Lamberth (R-Portland) said that the actions on the floor were unprecedented.
“It’s never been that three state representatives attempted to incite a riot in the middle of the House floor. It’s dangerous, it’s inappropriate, and it silences the other 96 members,” he said.
Warnock and Schumer also said that Attorney General <a href="https://www.dailywire.com/topic/merrick-garland" target="_blank" rel="noopener">Merrick Garland</a> should “take all steps necessary to uphold the democratic integrity of our nation’s legislative bodies,” and said that the Democrat lawmakers were“courageously participating in nonviolent demonstrations.”
Jones has already returned to the state house after the Metro Nashville City Council voted to reinstate him while Pearson was reinstated following a vote of the Shelby County Commission on Wednesday. Both have postured themselves as modern-day civil rights activists and have seized on the considerable media attention that turned their direction. 
The expulsion earned condemnation from the White House with President Joe Biden calling it “shocking, undemocratic, and unprecedented” and Vice President Kamala Harris visiting Nashville to meet with the Democrat lawmakers.

Three Tennessee Lawmakers Face Expulsion After Joining Gun Protest

Democrat Senators Request DOJ Investigation Into Expulsion Of TN Reps Who Disrupted Floor Session With Bullhorn

Department of Justice

Merrick Garland

Raphael Warnock

Tennessee

U.S. Politics

The Republican-led House passed an extensive bill Thursday that aims to increase domestic energy production and ease permitting restrictions.
Four Democrats joined the vast majority of their GOP colleagues voting in favor of Majority Leader Steve Scalise (R-LA)&#8217;s legislation, the &#8220;Lower Energy Costs Act,&#8221; resulting in a <a href="https://clerk.house.gov/Votes/2023182" target="_blank" rel="noopener">final tally of 225-204</a>. Six members did not vote.
Republicans argue the legislation would make the United States less dependent on foreign countries for oil and natural gas. Scalise <a href="https://twitter.com/SteveScalise/status/1635738344842821660" target="_blank" rel="noopener">said his bill</a> would &#8220;unleash American energy production&#8221; and cut President Joe Biden&#8217;s &#8220;insane permitting red tape so families can see lower prices.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
🚨 Just went to the House Floor to call out Dems&#39; hypocrisy on energy.
They get oil from hostile nations like Iran that produce it dirtier than us.
Yet block unleashing American energy production.
Thanks to them prices are higher for families.
It doesn&#39;t have to be like this. <a href="https://t.co/7szAVwDB1V">pic.twitter.com/7szAVwDB1V</a>
&mdash; Steve Scalise (@SteveScalise) <a href="https://twitter.com/SteveScalise/status/1641460562100998145?ref_src=twsrc%5Etfw">March 30, 2023</a></blockquote>
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The top of the lengthy bill <a href="https://www.congress.gov/bill/118th-congress/house-bill/1/text" target="_blank" rel="noopener">promises to</a> &#8220;lower energy costs by increasing American energy production, exports, infrastructure, and critical minerals processing, by promoting transparency, accountability, permitting, and production of American resources, and by improving water quality certification and energy projects, and for other purposes.&#8221;
Now the bill heads to the Senate, which is held by a slim Democratic majority.
Earlier this month, Senate Majority Leader Chuck Schumer (D-NY) <a href="https://www.democrats.senate.gov/newsroom/press-releases/majority-leader-schumer-floor-remarks-on-the-need-to-pass-bipartisan-permitting-reform" target="_blank" rel="noopener">called the bill</a> a &#8220;partisan, dead-on-arrival and unserious proposal&#8221; that doubles as a &#8220;wish list for Big Oil.&#8221;  Schumer did, however, voice support for &#8220;good faith&#8221; bipartisan talks &#8220;to figure out what sort of permitting deal is possible.&#8221;
Fossil fuel groups and green energy groups have put on a rare united front to call for reforms to a &#8220;broken permitting system&#8221; that they say is hindering infrastructure development, <a href="https://www.foxnews.com/politics/fossil-fuel-green-energy-groups-team-up-rare-joint-effort-push-permitting-reform" target="_blank" rel="noopener">according to Fox News</a>.
One <a href="https://www.washingtonpost.com/business/2023/01/25/wind-turbines-whales-biden/" target="_blank" rel="noopener">renewable-energy trade group</a>, called the American Clean Power Association (ACP), argued that provisions and reforms in Scalise&#8217;s bill would help boost the clean energy cause in the United States, create jobs, and improve energy security.
“Failure to enact critical permitting reforms and lift barriers that are hindering our ability to build much-needed transmission puts an estimated 150,000 clean energy jobs at risk,&#8221; <a href="https://cleanpower.org/news/acp-statement-on-introduction-of-the-lower-energy-costs-act/" target="_blank" rel="noopener">said ACP CEO Jason Grumet</a>.
Should Scalise&#8217;s legislation make it through the upper chamber, it faces the threat of a veto by President Joe Biden, who has taken <a href="https://www.doi.gov/pressreleases/fact-sheet-president-biden-take-action-uphold-commitment-restore-balance-public-lands" target="_blank" rel="noopener">executive action</a> to pause new oil and natural gas leasing on public lands and offshore waters. Biden has also <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-technologies/" target="_blank" rel="noopener">set goals for the United States</a> to have a carbon pollution-free power sector by 2035 and net-zero emissions economy by 2050.
<a href="https://www.whitehouse.gov/wp-content/uploads/2023/03/H.R.-1-SAP.pdf" target="_blank" rel="noopener">In a statement this week</a>, the Office of Management and Budget (OMB) argued the Lower Energy Costs Act would replace &#8220;pro-consumer policies with a thinly veiled license to pollute [the environment],&#8221; and would &#8220;raise costs for American families by repealing household energy rebates and rolling back historic investments to increase access to cost-lowering clean energy technologies.&#8221;

House Majority Leader Steve Scalise

GOP-Led House Passes Sweeping Energy Bill

Energy

Steve Scalise

Dozens of deaths across New York have involved a flesh-eating deadly &#8220;zombie&#8221; drug used to sedate animals dubbed “Tranq,” Senate Majority Leader Chuck Schumer (D-NY) said on Sunday.
Tranq, formally known as Xylazine — particularly when mixed with fentanyl — has been trending in the U.S., causing federal officials to warn Americans of the alarming widespread threat it poses to the public. Commonly known as the tranq or zombie drug by traffickers, the substance reportedly causes an extended euphoric feeling and is commonly used as a pharmaceutical drug to sedate animals. However, human use can result in severe wounds — including necrosis of the affected tissue — that could potentially lead to amputation.
Schumer told reporters during a press conference that the drug has spread from Syracuse, Albany, Rochester, and Greater New York City, calling on federal authorities to fund efforts and deploy a control team to stop the drug from being distributed.
“This new drug is a nightmare,” Schumer said, according to <a href="https://nypost.com/2023/03/26/new-york-seeing-tranq-drug-related-deaths-schumer/">The New York Post</a>. “Xylazine is dangerous. It is deadly. It is here. We have to fight and fund.”
The National Institute of Drug Abuse labels Xylazine as a non-opioid veterinary tranquilizer linked to the increasing number of overdose deaths nationwide, most related to Xylazine and fentanyl and additional deadly substances.
Dr. Mike Varshavski, a licensed physician and YouTuber known as Doctor Mike, reportedly joined Schumer during the press conference, echoing recent federal warnings about the deadly zombie-like drug.
“We saw tremendous negative side effects this drug had, including respiratory depression, essentially shutting off the drive to continue breathing,” Varshavski said.
Last week, the U.S. Drug Enforcement Administration (DEA) seized fentanyl mixed with a Tranq in 48 states, warning the American public of a widespread threat.
“Xylazine is making the deadliest drug threat our country has ever faced, fentanyl, even deadlier,” Administrator Anne Milgram <a href="https://www.dailywire.com/news/fentanyl-mixed-with-animal-sedatives-found-48-states-dea-warns">said</a> in a news release.
Milgram said the DEA Laboratory System reported approximately 23% of fentanyl powder and 7% of fentanyl pills seized by the DEA contained Xylazine in 2022.
Between 2015 and 2020, the Northeastern region of the U.S. saw the largest impact from overdose deaths involving Xylazine, with Pennsylvania increasing from 2% of overdose deaths to nearly 26%. Maryland reported 19% of all drug overdoses in 2021 involved Xylazine and 10% in Connecticut in 2020.
The Centers for Disease Control and Prevention reported 107,735 Americans died between August 2021 and August 2022 from drug poisonings, with 66% of those deaths involving synthetic opioids like fentanyl, according to the news release.
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DEA authorities blamed the vast majority of fentanyl trafficked into the United States on the Sinaloa Cartel and Jalisco Cartel in Mexico, which primarily source the chemicals from China.
Schumer introduced a plan last week to combat the increasing number of Tranq users, which would authorize the Food and Drug Administration to track down the drug and spend $537 million for law enforcement and more on drug tests. The plan would be paid for with grant funding for the Substance Abuse and Mental Health Services Administration, local media <a href="https://www.news10.com/news/local-news/sen-chuck-schumer-law-enforcement-warn-against-new-drug-being-mixed-with-fentanyl/">reported</a>.
“If we can launch all three of these approaches, the chances of Xylazine becoming the kind of scourge that it has in other places has decreased greatly,” Schumer said.

Senators Meet For Their Weekly Policy Luncheons

Dozens Of Deaths Across New York Involved ‘Zombie’ Drug, Schumer Says

Dozens Of Deaths Across New York Involved 'Zombie' Drug, Schumer Says

Drug Cartels

Fentanyl

New York

Individuals and political action committees associated with defunct financial institution <a href="http://dailywire.com/topic/silicon-valley-bank" target="_blank" rel="noopener">Silicon Valley Bank</a> have donated extensively to leading politicians.
Silicon Valley Bank, one of the largest financial institutions in the United States, collapsed last week as depositors <a href="https://www.dailywire.com/news/regulators-shut-down-major-tech-bank-after-run-on-savings" target="_blank" rel="noopener">rushed</a> to withdraw their funds. The firm had sold several long-term government and corporate bonds at a loss to supply the deposits before the Federal Deposit Insurance Corporation assumed control of the company.
Federal election <a href="https://www.opensecrets.org/orgs/svb-financial-group/summary?toprecipcycle=2022&amp;contribcycle=2022&amp;lobcycle=2022&amp;outspendcycle=2022&amp;id=D000057336&amp;topnumcycle=2020" target="_blank" rel="noopener">data</a> compiled by Open Secrets indicates that Sen. Mark Warner (D-VA) received $8,300 from Silicon Valley Bank affiliates, including $5,800 from individuals and $2,500 from the company’s political action committee during the 2022 midterm election cycle. Senate Majority Leader Chuck Schumer (D-NY) also received $5,800 directly from Silicon Valley Bank CEO Greg Becker, the maximum allowable individual contribution, according to more <a href="https://www.opensecrets.org/donor-lookup/results?cand=&amp;cycle=2022&amp;employ=silicon+valley+bank&amp;jurisdiction=&amp;name=&amp;occupation=&amp;state=&amp;type=&amp;zip=" target="_blank" rel="noopener">data</a> from Open Secrets.
President Joe Biden received some $66,700 from Silicon Valley Bank affiliates in the 2020 election cycle, while the DNC Services Corporation received $21,400.
Schumer donated all funds he has garnered from Silicon Valley Bank affiliates, including a $2,700 contribution from the political action committee in 2015, after the financial institution collapsed, according to a <a href="https://www.foxbusiness.com/politics/chuck-schumer-dems-rush-give-back-donations-silicon-valley-bank-ceo" target="_blank" rel="noopener">report</a> from Fox News. Similar actions were taken by Rep. Maxine Waters (D-CA), who recently served as chair of the House Financial Services Committee and received $2,500 from the political action committee in 2020.
Other lawmakers who received funds from Silicon Valley Bank affiliates include Sen. Raphael Warnock (D-GA), Rep. Josh Harder (D-CA), and Rep. Gregory Meeks (D-NY).
Open Secrets <a href="https://www.opensecrets.org/news/2023/03/collapsed-silicon-valley-bank-enlisted-revolving-door-lobbyists-to-push-its-policy-agenda-in-washington/" target="_blank" rel="noopener">noted</a> that each of the seven registered lobbyists employed by Silicon Valley Bank in 2022 and each of the eight employed in 2021 had previously held government positions. Franklin Square Group, the sole lobbying firm working on behalf of Silicon Valley Bank since 2011, has opposed regulations established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in the aftermath of the 2008 financial crisis.
Two employees of Franklin Square Group had previously worked as senior aides to House Speaker Kevin McCarthy (R-CA): Wes McClelland served as his senior policy advisor between 2011 and 2015, while Brian Worth was his director of coalitions between 2011 and 2014. The former had also served as a senior policy advisor to former Rep. John Campbell (R-CA) and the primary staffer for the House Financial Services Committee.
Other associates with Franklin Square Group had worked under Rep. Marc Veasey (D-TX) and former Rep. Jay Inslee (D-WA), as well as the Senate Judiciary Committee and the House Energy and Commerce Committee.
The Federal Deposit Insurance Corporation now manages the holdings still maintained by Silicon Valley Bank, which California state regulators closed on Friday, to strengthen “public confidence” in the banking system by guaranteeing all deposits. Most customers of Silicon Valley Bank, which offered services to nearly half of the venture-backed technology and healthcare firms, maintained deposits higher than the $250,000 limit insured by the FDIC.
Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin Gruenberg said in a joint <a href="https://www.fdic.gov/news/press-releases/2023/pr23017.html" target="_blank" rel="noopener">statement</a> that the banking system “remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.” They vowed that “no losses” associated with the collapse of Silicon Valley Bank would be “borne by the taxpayer.”

President Biden Attends The Senate Democratic Caucus Lunch On Capitol Hill

Biden And Schumer Took Money From Silicon Valley Bank Affiliates Before Company Imploded

Here Are The Donations Silicon Valley Bank Affiliates Made To Major Politicians

Executive

Silicon Valley Bank

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