SVB collapse: Chuck Schumer and Maxine Waters to relinquish political donations

AAt least two top Democrats have announced plans to cease receiving political donations Silicon Valley Bank’s In the aftermath of its collapse, the political action committee was formed.

Senate Majority Leader Chuck Schumer According to a spokesperson for the Democratic Party of New York, Greg Becker, the CEO of the company donated contributions to charity. A PAC associated to the bank also contributed to the donation. Meanwhile, Rep. Maxine Waters (D-CA), ranking Member of the House Financial Services Committee plans to return the donation from the PAC. per Politico.

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“All contributions have been donated to charity,” Schumer spokesperson told The Washington Examiner.

According to a report by a, Becker donated $5800, the maximum permissible, to Schumer in 2021. Federal Election Commission filing. According to filings, Schumer’s campaign received $2,700 from the aligned PAC of SVB in 2015. According to filings, Waters earned $2,500 from SVB’s PAC in 2020.

Between 2017 and 2022 SVB’s PAC gave more than $50,000 to almost two dozen senate- and congressional campaigns. Politico reported. Many of the funds went to members of key committees that oversee banking regulations.

According to the report, Senator Mark Warner (D.VA) and Rep. Patrick McHenry, both Republicans from North Carolina, received the most significant donations of $7,500 each from the PAC during the period.

SVB was seized by regulators on Friday following a bank ran triggered Wednesday by SVB’s announcement of seeking $2.25billion in additional equity. It had previously been forced to sell $21billion in bonds. This resulted in $1.8billion in unrealized losses. The bank was closed for good on Thursday.

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SVB was the subject of a federal investigation reportedly have been opened. This is the first major failure of its kind since Washington Mutual collapsed in 2008 during the financial crisis. SVB was 16th-largest bank that is federally insured in the United States.

The Washington Examiner For comment, we reached out to a representative at Waters.