Shortly after polls closed in California at 8 p.m. local time, major media outlets announced the race for Adam Schiff, a Democrat who currently represents the state’s 30th Congressional District, just outside Los Angeles, encompassing the city of Burbank.

Schiff defeated Steve Garvey, a Republican and former Major League Baseball player for the LA Dodgers and San Diego Padres from 1969 to 1987, to safely win the Democratic seat. Schiff chaired the House Intelligence Committee from 2019 to 2023 and was the lead impeachment manager during President Donald Trump’s first impeachment trial.

Schiff has taken a number of important positions for bankers, including supporting legislation that to recover bonuses and stock profits for executives of failed banks, a bill that would regulate what it calls “revolving door” between the financial services sector and its regulators, and pro-cryptocurrency positions which have earned it the support from a pro-crypto policy advocacy group.

Schiff will replace Laphonza Butler, a Democrat, in the Golden State’s Senate delegation, joining Alex Padilla, also a Democrat. Governor Gavin Newsom appointed Butler to this seat last year following the death of Dianne Feinsteinthe longest-serving female senator. Brown did not run to retain his position and his seat the Senate Banking Committee will be up for grabs.

Schiff technically won two elections in this election: a two-month term that will begin as soon as the state certifies the election results, which officials say could be this monthand one for a full six-year term beginning January 3.

Here’s a look at some of the problematic positions taken by Schiff in banking and finance:

A bill aimed at recovering executive profits after a bank failure

Following the failure of Silicon Valley Bank, Schiff introduced a bill alongside Sen. Richard Blumenthal (D-Conn.) and Rep. Mike Levin (D-Calif.) to impose a 90 percent tax on bonuses and 100% on profits from shares. sales paid to bank executives within 60 days of a bank’s failure.

The bill is titled the “Deliver Executive Profits on Seized Institutions to Taxpayers Act,” or DEPOSIT Act for short. The bill was not voted on.

Schiff said the bill aims to remove incentives for bank executives to “prioritize short-term profits and their own compensation over the interests of customers and the public.” He said it would be “only the first step in ensuring leaders are held accountable.”

The idea of ​​clawing back bonuses and stock profits paid to executives of failed banks has received support from President Joe Biden, although he did not specifically name Schiff’s bill in his speech. the declaration.

Bill to regulate the “revolving door” in financial services

In January, Schiff introduced a bill in the House that would restrict the employment opportunities of certain former federal financial regulators and former top bank and credit union officials for two years after they leave their jobs.

The bill seeks to restrict so-called “revolving door” practices, in which individuals leave employment with a regulatory agency to accept employment with a regulated entity, or vice versa. This practice is already restricted for a period of 12 months after working with a regulated entity or regulatory body. Schiff’s bill would extend that period to two years.

In the sense of leaving a bank or credit union to join a regulator, the bill would apply to former executives of banks or credit unions who, within the last 20 years, have been subject to official action on the part of the regulator. Examples of official actions are obtaining contracts or being the target of an investigation.

The bill was not put to a vote.

Schiff said Americans “stand to lose” when financial regulators “go through the revolving door” by working for the industry they once regulated.

“That’s why I’m introducing this bill to ensure that the people charged with protecting and regulating our economy are working for us, not just biding their time before jumping ship for lucrative manufacturing jobs.” , Schiff said. “This legislation will help ensure our financial system is fair and transparent, giving everyone a fair chance, not just financial insiders.”

Pro and anti-cryptocurrency votes and positions

Although Schiff is generally considered one of the most crypto-friendly congressional Democrats, he has not been universally on the side of these interests, and cryptocurrency interests have not always been supportive. agreement with him.

In May, Schiff voted against a common resolution this would have made it easier for banks and other companies to hold digital assets on behalf of their customers. The resolution received the support of crypto groups And banking sector groupsnotably the American Bankers Association and the Bank Policy Institute.

The resolution, which was adopted by the House and Senate but President Joe Biden vetoed, reportedly repealed advice of the Securities and Exchange Commission issued in March 2022. These guidelines required most SEC registrants who hold crypto assets for their clients to record this risk on their balance sheet as a liability.

Thus, Schiff’s vote implied that he supported the guidance, much to the dismay of crypto advocates and banks.

He also voted against a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to consumers. The term for such a currency is retail CBDC, as opposed to wholesale CBDC, which the central bank would issue to banks, who would then issue the currency to consumers.

The Republican-backed bill, called the CBDC Anti-Surveillance State Act, had unenthusiastic support from pro-crypto advocacy group Stand With Crypto, which said the bill would ensure the government could not exert oversight over how consumers use digital currencies, although it would also prevent the issuance of one of the main types of CBDC.

American Bankers Association also supported the bill as the group “firmly believes” that a CBDC “is not necessary in the United States and would present unacceptable risks and costs to the financial system.”

Despite these two votes, Schiff is considered an ally of the cryptocurrency industry, mainly due to his support for a regulatory framework for it.

This year, Schiff voted in favor of an invoice which aims to establish a regulatory regime for cryptocurrencies. The bill, the Financial Innovation and 21st Century Technology Act (abbreviated as FIT21), received bipartisan support in the House and cryptocurrency groups. The Senate did not vote on the bill.

Schiff described the bill as a “good first step” toward creating a regulatory framework for cryptocurrency.

“In the absence of federal conduct rules, these businesses and jobs are moving overseas where they often face less oversight,” Schiff said after the House passed the bill. “We should fight to keep them here and seek to create more opportunities for entrepreneurship in California, without driving them out or creating a regulatory vacuum.”

Schiff doubled down on this message in his campaign for the Senate, saying a regulatory framework for Web3, cryptocurrency and blockchain companies will help ensure the United States “remains the global leader in these important new technologies.”

His somewhat mixed record on crypto has earned Schiff an A rating from Stand With Crypto, but no endorsement from the group, which has supported four other A-rated Senate candidates.

Schiff also did not receive direct funding from the pro-crypto political action committee (PAC) Fairshake. It is according to OpenSecretsa nonprofit organization that analyzes campaign finance data.

But Fairshake ran $10 million in ads during the primary election against Schiff’s primary opponent, a crypto skeptic and fellow Democrat, Katie Porter. In the deeply blue state of California, this ad spending was likely more important in determining who would ultimately hold the seat than ad spending in the general election itself would have done.