When Silicon Valley Bank collapsed last March, Rep. Ro Khanna fought to rally Washington’s response to the economic calamity unfolding in his district.
Who’s the representative for New York Community Bancorp., the latest regional lender that’s alarming investors? The Office of the Third Congressional District of New York, recently vacated by George Santos.
The former Republican lawmaker was expelled from Congress in December after a series of scandals, including lying about his biography and being hit with criminal fraud charges . His district included Hicksville, New York, where NYCB is based.
“It’s sad that they don’t have someone that can work with them and for them because some folks just think they get to recall elections,” Santos said in an interview.
The downfall of Santos deprived the New York bank of a potential conduit in Washington at a critical moment. The lender is fighting to tamp down concerns among investors and policymakers about its exposure to souring commercial real estate loans. The struggle, playing out as its share price tanks, is reviving fears of broader banking system instability less than a year after SVB’s collapse. Others in New York’s congressional delegation are beginning to sound the alarm and trying to focus the government’s attention.