SVB collapse: Financial committee lawmakers took thousands in donations from bank

MThe embers Congress Campaign donations have been received by tens to thousands of dollars from key committees responsible for overseeing the banking sector. Silicon Valley BankAccording to records,

SVB’s collapse Bank crisis fears in the United States have been sparked by the news of Friday’s events. Federal regulators, however, have confirmed that there is no imminent threat to the banking system. Federal Deposit Insurance Corporation Depositors are protected by the government. “have access to all their money.” Eight Senators And House According to Federal Election Commission records, the members of SVB’s political committee received $45,000 in campaign donations between 2012 and 2022. Washington Examiner.

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“Giant political contributions are legalized corruption,” Joshua Graham Lynn, CEO at RepresentUs (an anti-corruption watchdog), spoke to the Washington Examiner. “It’s one of the reasons why Americans have ‘statistically zero impact’ on policies passed by Congress. And it’s why crisis after avoidable crisis keeps happening. From the poisonous smoke over East Palestine to the fallout of Silicon Valley Bank, the American people keep paying the price of corruption. Enough is enough: We need to pass commonsense anti-corruption laws now.”

SVB’s have not experienced a financial crisis on the magnitude of Washington Mutual’s during the Fall of Washington Mutual. 2008 financial crisis. SVB’s long-term bonds and tech stock holdings suffered from the Federal Reserve raising interest rates. Customers were advised by venture capital firms to withdraw their funds from banks. This led to $42 billion being withdrawn within a single day.

“Shareholders and certain unsecured debt holders will not be protected,” The Treasury Department Federal Reserve, the FDIC stated in a Sunday statement. “Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”

Sen. Mark Warner The highest amount of campaign donations received by (D-VA) over the years was $21,600 from SVB’s PAC. Filings show. The funds were received by the Democrat, who was a long-serving member of the Senate Banking, Housing, and Urban Affairs Committee, between 2013 and 2022.

According to a flyer, Greg Becker, then-CEO of SVB, hosted a campaign fundraiser in Menlo, California for Warner in 2016. Warner was a strong supporter of a 2017 bill that loosens bank regulations. It was signed by the former President Donald Trump The mirroring of a 2015 measure, which trade groups representing SVB lobbyed in connection to, Washington Examiner reported.

Chairman, House Financial Services Committee Patrick McHenry According to filings, the Senator from North Carolina received $10,000 from the bank’s PAC between 2015-2022. The Republican served on the committee during those years and called for an investigation into SVB’s. “supervisory failures.”

Rep. Gregory Meeks, a member of House Financial Services Committee, received campaign donations from the PAC for $3,500 between 2020 and 2022 records show. Rep. Maxine Waters (D-CA), who received $2,500 in 2020; Rep. French Hill, (R-AR), who received $1,000 in 2019, and Rep. Josh Gottheimer, (D-NJ), which took $1,000 in 2017.

“Yes, I will send it back,” Waters is a reference to the donation. Submitted Politico Tuesday

Sens. are also among the lawmakers who have received campaign donations from PAC. Tim Scott (R-SC). Jon Tester (D-MT), who are members of Senate Banking, Housing and Urban Affairs Committee, show filings. Scott received $3700 in 2015 while Tester received $5,000 from 2012 to 2017.

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Waters isn’t the only one who announced steps to return SVB linked cash. Senate Majority Leader Chuck Schumer (D-NY), has given a $2700 campaign contribution he received in 2015 by the PAC as well as $5800 in 2021 form Becker to charities in New York according to his office.

During the 2022 According to filings, SVB employees donated more than $35,000 to Democrats and more than $9,600 to Republicans during the midterm elections cycle.