Cozen Currents: Banking on a Crisis
March 14, 2023
March 14, 2023
“Stopping a banking crisis is hard. Stopping a banking crisis AND avoiding a political backlash is really hard.”
— Howard Schweitzer, CEO, Cozen O’Connor Public Strategies
Bailouts are Off the Table. “Bailout” has become the political equivalent of Voldemort in the wake of the 2008 financial crisis and the 2020 pandemic, so when the Biden administration was facing an imminent banking crisis this weekend as a result of the collapse of Silicon Valley Bank (SVB), preventing their actions from being characterized as a bailout was front of mind.
Banks Traded Relief Today for Higher Regulatory Bar(r) Tomorrow. Last week was the high-water mark of post-crisis banking deregulation.
Nobody is Letting a Good Crisis Go to Waste Politically. House Financial Services Committee Chairman Patrick McHenry (R-NC) stated that this was the first Twitter-induced banking crisis. To that end, the various factions in Washington have already been using social media to twist these events to their own worldview and political advantage.
What Biden’s Budget Means for FY24 Appropriations. Last week’s budget request from the White House is the first step in funding the government for FY24.
What Biden’s Budget Means for the Debt Ceiling. Biden’s budget also stakes out his negotiating position for the upcoming debt ceiling battle.
What Biden’s Budget Means for Politics. The president’s budget also has implications for the 2024 presidential race.
Cozen O’Connor Public Strategies, an affiliate of the international law firm Cozen O’Connor, is a bipartisan government relations practice representing clients before the federal government and in cities and states throughout the country. With offices in Washington D.C., Richmond, Albany, New York City, Philadelphia, Harrisburg, Chicago, and Santa Monica, the firm’s public strategies professionals offer a full complement of government affairs services, including legislative and executive branch advocacy, policy analysis, assistance with government procurement and funding programs, and crisis management. Its client base spans multiple industries, including healthcare, transportation, hospitality, education, construction, energy, real estate, entertainment, financial services, and insurance.
Established in 1970, Cozen O’Connor has over 775 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate, and regulatory law. Representing a broad array of leading global corporations and middle-market companies, Cozen O’Connor serves its clients’ needs through 31 offices across two continents.
September 19, 2023
September 18, 2023