Watch Chuck Schumer to return Silicon Valley Bank donations – Latest News

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Watch Chuck Schumer to return Silicon Valley Bank donations – Latest News

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

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Senate Majority Leader Chuck Schumer will give campaign contributions from former Silicon Valley Bank CEO Greg Becker and the bank’s PAC to charities, according to a person with direct knowledge of the matter.

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.

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The New York Democrat plans to send the contributions to New York-based charities, according to the person, 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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