Chuck Schumer returns Silicon Valley Bank donations

Chuck Schumer returns Silicon Valley Bank donations

Silicon Valley Bank’s collapse could have ramifications for the technology landscape over the coming years, analysts and investors said.

Nikolas Liepins | Anadolu Agency | Getty Images

Senate Majority Leader Chuck Schumer gave campaign contributions from former Silicon Valley Bank CEO Greg Becker and the bank’s PAC to charities, his office said Tuesday.

The New York Democrat received the maximum individual contribution of $5,800 from Becker in June 2021, according to the Federal Election Commission. The campaign received $2,700 from the bank’s political action committee in 2015, per an FEC filing.

Schumer’s campaign gave all donations linked to SVB to charity, said Allison Biasotti, a spokeswoman for the senator. The New York Democrat planned to send the contributions to New York-based organizations, according to a person with direct knowledge of the matter, who declined to be named.

Becker has fallen under the scrutiny of lawmakers since the collapse of SVB, which the Federal Deposit Insurance Corporation took over on Friday. Federal regulators have moved to contain the damage from the bank’s failure and ensure it does not lead to a broader crisis.

Lawmakers have questioned what led to the bank’s failure, and some Democrats have started to push for tighter safeguards around the financial sector. Lawmakers including Sen. Elizabeth Warren, D-Mass., have pressed Becker directly on the bank’s failure.

Rep. Maxine Waters, D-Calif., said she will return the contribution she received from Becker, according to reporting from Politico.

A representative for Sen. Mark Warner, D-Va., who received a $2,900 contribution to his campaign from Becker, did not respond to a request for comment.

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