Senate Majority Leader Chuck Schumer has disposed of political contributions linked to a failed Silicon Valley bank by donating funds to charity, according to multiple reports on Tuesday.
Recent York Democrat received the utmost allowable a person contribution of $5,800 from former Silicon Valley Bank CEO Greg Becker in June 2021, and Schumer’s campaign benefited from contribution of $2,700 from the political committee of the bankrupt bank in 2015, according to FEC documents.
Schumer’s spokesman informed information services on Tuesday that each one Silicon Valley Bank-related political contributions were donated to charity.
CNBC reported that Schumer plans to send premiums to organizations based in Recent York.
Schumer’s office didn’t immediately respond to The Post’s questions on which specific charities received the funds.
Since 2016, three failing financial institutions, Silicon Valley Bank, Signature Bank and Credit Suisse, have donated $89,322 to the Democratic National Committee, in addition to tens of hundreds to individual Senate campaigns of Schumer and several other other Democratic lawmakers, according to The Post’s fundraising data review .
Banks – through their employees and affiliated PACs – have given greater than $1 million to Democrats since 2017, compared to lower than $750,000 to Republicans over the identical period.
SVB, Signature Bank and Credit Suisse donated a complete of $198,926 to Joe Biden’s 2020 presidential campaign, compared to just $17,597 to former President Donald Trump in 2020.
Representative Maxine Waters (D-Calif.), a rating member of the House Financial Services Committee, also said on Tuesday that she would return the premiums she received from Silicon Valley Bank, according to the Policy.
Waters received $2,500 from Silicon Valley Bank’s PAC 2020 program when she headed the Financial Services Committee.
The SVB and Signature Bank collapsed inside days of one another this weekend, prompting Biden to reassure depositors that his administration would fully protect individuals who invested their money in institutions.