Senate Majority Leader Chuck Schumer’s office announced Tuesday that the Democratic leader gave campaign contributions from former Silicon Valley Bank CEO Greg Becker and the failed bank’s PAC to charities.
Schumer received the maximum individual contribution of $5,800 from Becker in June 2021, CNBC reported, citing the Federal Election Commission. The campaign also received a 2015 contribution of $2,700 from the bank’s political action committee.
The money was to be sent to New York-based organizations, according to a source with knowledge of the matter.
U.S. Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee committee, also received a $2,500 contribution from SVB’s political action committee in late 2020, Politico reported, adding that the California lawmaker said she would be returning the money.
Democrats appear to be the favored party among collapsing banks, it seems.
More from the New York Post:
Since 2016, three floundering financial institutions, Silicon Valley Bank, Signature Bank and Credit Suisse, have donated $89,322 to the Democratic National Committee, as well as tens of thousands to the individual Senate campaigns of Schumer and several other Democratic lawmakers, according to The Post’s review of fundraising data.
The banks — through their employees and affiliated PACs — have given Democrats over a million dollars since 2017, compared to less than $750,000 to Republicans over the same period.
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, The Post found.
Silicon Valley Bank board members also donated to Barack Obama’s campaign, as well as Hillary Clinton’s campaign, according to the newspaper. Sen. Mark Warner, D-Va., a longtime member of the powerful Senate Banking Committee, was also a recipient.
“Everyone knew it was the go-to bank for woke CEOs,” a source told the Post. “They knew they were aligned politically. The companies SVB loaned money to all had a woke agenda.”
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