Congressman and eventual 2024 U.S. Senate nominee Ro Hanna, D-Calif., came under increased scrutiny this week after it was revealed he was to host a fundraiser at the home of a venture capitalist who sought government intervention in the recent banking crashes, in including Silicon Valley Bank. .
Hannah, who represents part of Silicon Valley in Congress, has long been seen as a likely successor to Senator Dianne Feinstein (R-Calif.) upon her retirement. However, the preliminary announcement of the candidacy by Congresswoman Kathy Porter (D-CA) and Adam Schiff (D-CA) prior to the announcement of her retirement, and the announcement shortly thereafter by Congresswoman Barbara Lee (D-CA) largely took away from the possible candidacy Hanna. Although Khanna is still listed as a top candidate, he will need to build base support and soon gain the support of more voters to stand a chance in next year’s primaries.
However, the chances of that waning this week following news that Hannah will be at a fundraiser at venture capital house David Sachs, who was also PayPal’s first COO under Peter Thiel. While Sachs has largely supported GOP candidates such as Florida Gov. Ron DeSantis and Senator J.D. Vance (R-OH) in recent elections, he has also been a proponent of government intervention in the recent banking crisis.
“Where’s Powell? Where is Yellen? Stop this crisis NOW.” tweeted by Sachs earlier this month. “Declare that all depositors will be safe. Place SVB in the top 4 pots. Get it done before Monday opens or there will be contagion and the crisis will spread.”
Where is Powell? Where is Yellen? Stop this crisis NOW. Announce that all contributors will be safe. Place SVB in the top 4 pots. Get it done by Monday, otherwise there will be contagion and the crisis will spread.
— David Sacks (@DavidSacks) March 10, 2023
While Republican candidates have successfully dealt with government calls to intervene from supporters earlier, especially during the Great Recession, Democratic candidates tend to have a harder time gaining support from major GOP funders. And with the three senatorial candidates still receiving support largely from left-wing and Democratic organizations and individuals, from labor unions to Senator Elizabeth Warren (D-Massachusetts), Hannah enters the race after finding himself at the same level as the majors. supporters of the Republican Party. big if he decides to run.
On Tuesday, Hanna came out in defense, saying the fundraiser was planned last month before the SVB crisis and that their views were aligned on some issues.
“David Sachs knows what my plans are. He knows I’m a supporter of Bernie Sanders and higher taxes for people like him,” Hanna said on Tuesday. “I can be proud to receive support from technology leaders and at the same time be independent from them. The tech community openly lobbied me for deregulation in 2018 and I opposed them and voted no.”
However, political analysts note that despite his persistence, Hanna is likely to face an even tougher battle now if he decides to run for the Senate.
“If you’re picking a guy who supports a lot of Republicans and you’re a Democrat, you better have a hell of a strategy,” Los Angeles-based analyst Malik Griffin told The Globe Tuesday. “Hannah is not going to force conservatives to vote for him based on his track record, and Southern California already has support for Schiff and Porter. He has some connections with Asian voters, as well as many voters in his home county in the Bay Area, but Lee is now also drawing them from there, as are Schiff and Porter. This is not good.
“Of course, there is nothing wrong with bipartisanship. In fact, most voters respect him. But there is a difference between compromising on a bill and working together to decide whether to take money or fundraise from someone who is ideologically distant from you, except for a few issues. And that’s what’s happening here.”
Khanna is expected to announce soon whether he is going to run next year.