Mr. Garvey, 74, announced on Tuesday that he would enter the race for Dianne Feinstein’s Senate seat, running against at least three Democratic candidates.
Gov. Gavin Newsom has pledged to pick a Black woman to fill the seat, but has also said he would not choose any of the current Democrats running for Senate.
The Wall Street giant is likely to be paid more than $100 million for its role in a bond purchase that ultimately failed to save the California bank from collapse.