Biden And Schumer Took Money From Silicon Valley Bank Affiliates Before Company Imploded

Individuals and political action groups associated with a defunct financial institution Silicon Valley Bank They have generously donated to many leading politicians.

Silicon Valley Bank, the largest US financial institution, was shut down last week by depositors Rushed They can withdraw their funds. Before the Federal Deposit Insurance Corporation took control, the firm had sold several corporate and long-term bonds.

Federal election Data Open Secrets has shown that Senator Mark Warner (D.VA), received $8,300 in donations from Silicon Valley Bank affiliates. These included $5,800 from individuals and $2,500 to the company’s political actions committee. Chuck Schumer, Senate Majority Leader (D-NY), also received $5800 directly from Greg Becker, Silicon Valley Bank CEO, which is the maximum allowed individual contribution. Data Open Secrets.

In the 2020 election cycle President Joe Biden was awarded $66,700 by Silicon Valley Bank affiliates, while DNC Services Corporation received $21,400.

According to a report, Schumer donated all the funds he received from Silicon Valley Bank affiliates. This includes a $2700 contribution from the political committee in 2015. After the financial institution collapsed, this was reported by a Report Fox News. Similar actions were taken recently by Rep. Maxine Wassers (D-CA), who served as the Chair of the House Financial Services Committee. In 2020, she received $2,500 through the political action board.

Additional lawmakers who received money from Silicon Valley Bank affiliates included Sen. Raphael Warnock, Rep. Josh Harder (D.CA), and Rep. Gregory Meeks(D-NY).

Open Secrets Not noted Each of the seven registered lobbyists employed at Silicon Valley Bank by 2022 and each one of the eight employed in 2020 had previously held government posts. The sole lobbying firm that has been representing Silicon Valley Bank since 2011 is Franklin Square Group. It opposed the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Two Franklin Square Group employees had served as senior aides for House Speaker Kevin McCarthy (R. CA) in the past. Wes McClelland was his senior policy advisor from 2011 to 2015 and Brian Worth was his director, coalitions, between 2011-2014. The former was also a senior policy adviser to John Campbell (R.Ca) and was the primary staffer for House Financial Services Committee.

Other Franklin Square Group associates had previously worked under Rep. Marc Veasey of Texas and former Rep. Jay Inslee of Washington, as well the Senate Judiciary Committee and House Energy and Commerce Committee.

The Federal Deposit Insurance Corporation is now responsible for the holdings of Silicon Valley Bank that California regulators closed Friday. This was done to strengthen “public confidence” All deposits are guaranteed by the bank. Silicon Valley Bank served nearly half the venture-backed tech and healthcare companies. Most of its customers had deposits greater than $250,000 that were insured by FDIC.

Janet Yellen, Treasury Secretary, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin Gruenberg spoke in a joint statement. Statement That the banking system “remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.” They promised that “no losses” Silicon Valley Bank’s collapse would also be a result of its failure. “borne by the taxpayer.”

“From Biden and Schumer Borrowed Money from Silicon Valley Bank Affiliates Prior to Company’s Implosion“

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