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Multiple reports on Tuesday revealed that Senate Majority Leader Chuck Schumer has donated political contributions linked to the failed Silicon Valley Bank to charity.
In June 2021, the former CEO of Silicon Valley Bank, Greg Becker, made a maximum allowable individual contribution of $5,800 to the New York Democrat.
Schumer’s campaign also received a $2,700 contribution from the failed bank’s political action committee in 2015, according to FEC filings.
Schumer’s spokesperson announced that all donations associated with Silicon Valley Bank have been given to charity, and CNBC reported that the contributions would be given to New York-based organizations.
However, Schumer’s office has not disclosed the specific charities that received the funds.
The Post’s review of fundraising data shows that since 2016, three floundering financial institutions, including Silicon Valley Bank, Signature Bank, and Credit Suisse, have donated $89,322 to the Democratic National Committee and tens of thousands of dollars to the individual Senate campaigns of Schumer and several other Democratic lawmakers.
The banks have given Democrats over a million dollars since 2017, compared to less than $750,000 to Republicans over the same period.
Silicon Valley Bank, along with a few other banks, has given Democrats over a million dollars since 2017.
The Post found that SVB, Signature Bank, and Credit Suisse collectively donated $198,926 to Joe Biden’s 2020 presidential campaign, compared to just $17,597 to former President Donald Trump in 2020.
Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, also announced that she would be returning contributions she received from Silicon Valley Bank.
Politico reported that Waters received $2,500 from Silicon Valley Bank’s PAC 2020 when she led the Financial Services Committee.
SVB and Signature Bank failed within days of each other this weekend, prompting President Biden to reassure depositors that his administration would fully protect people who had invested their money in the institutions.
»Silicon Valley Bank: Reports reveal Chuck Schumer donates political contributions«
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