Chuck Schumer returns Silicon Valley Bank donations

Chuck Schumer returns Silicon Valley Bank donations

The collapse of Silicon Valley Bank could have repercussions for the tech landscape for years to come, analysts and investors said.

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

The New York Democrat received the maximum single contribution of $5,800 from Becker in June 2021, according to the Federal Elections Commission. The campaign received $2,700 per FEC application from the bank’s Political Action Committee in 2015.

Schumer’s campaign gave all SVB-related donations to charity, said Allison Biasotti, a spokeswoman for the senator. The New York Democrat planned to send the posts to New York-based organizations, according to a person with direct knowledge of the matter who asked not to be named.

Becker has been in the legislature’s sights since the bankruptcy of the SVB, which was taken over by the Federal Agency for Deposit Insurance on Friday. Federal regulators have been scrambling to contain the damage from the bank’s collapse and ensure it doesn’t lead to a broader crisis.

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

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

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