SVB collapse: Biden and DNC to return political donations from bank executives

PThe Democratic National Committee announced Friday that it will return political donations to Silicon Valley Bank and Joe Biden, a resident of the 2020 campaign.

After the collapse of SVB last Friday, pressure has been placed on top executives and the recipients of donations from this bank’s political committee to either return these funds or donate them. Federal Election Commission filings show that Biden’s campaign, PACs, and the DNC received at least $32,250 from SVB executives. A DNC spokesperson said USA Today Friday, February 6, 2020: Contributions will be donated for charity

SVB COLLAPSE – FINANCIAL COMPITEE LAWMAKERS TOOK THOUSANDS OF DONATIONS FROM THE BANK

The DNC didn’t respond to the Washington Examiner Biden’s team did not respond to a request for comment about the returned donations.

The donors are listed in the USA Today SVB Managing director Gerald Brady made a $5,600 donation in 2020 to Biden For President. Claire Lee, who assumed one of Brady’s positions running a bank division, donated $6,300 to Biden Victory Fond. Brady donated $17,050, which included a $5,000 contribution in 2012. Lee contributed $15,200 in two payments of $15,000 and $200 in 2020.

A party spokesperson said that donations from Greg Becker, CEO of SVB, to Biden’s campaign will be returned. Becker donated $2800 to Biden’s 2020 campaign.

Three days ago, Senate Majority Leader Chuck Schumer (D–NY) and Rep. Maxine Wassers (D–CA), the leading Democrat in the House Financial Services Committee tried to distance themselves from the fallout from the bank collapse by returning donated funds. Schumer spokesmen said Tuesday that Becker was giving contributions to charity through the bank’s PAC, while Waters stated that she plans to return donations from the PAC.

SVB was closed by banking regulators last Wednesday, just two days after the nation’s 16th-largest federally insure bank declared that it required more than $2.2B to stay solvent. This sent its stock price plummeting over 60% in less than 48 hours.

They announced Sunday evening that Signature Bank was closing and also revealed plans to compensate customers of both financial organizations. Signature Bank is third, and the SVB failure is second in U.S. bank history.

According to FEC records, eight senators and House members were given nearly $45,000 in campaign contributions from SVB’s political actions committee between 2012-2022. Washington Examiner.

Among these eight senators, Senator Mark Warner (D.VA), has received $21,600 in campaign donations over the years from SVB’s PAC. The funds were given to the Democrat, who served as a member of the Senate Banking, Housing, and Urban Affairs Committee for many years.

Filings show that Rep. Patrick McHenry (Republican from North Carolina), who is the chairman of the House Financial Services Committee, 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.”

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According to records, Rep. Gregory Meeks (D.NY) received $3500 in campaign donations from the PAC between 2020 and 2022. Rep. French Hill (R.A.), received $1,000 in 2019, while Rep. Josh Gottheimer, (D.N.J.) received $1,000 in 2017. Under Waters & McHenry’s leadership, the House Financial Services Committee is composed of all three men.

Sens. Senators. Filings reveal that Scott received $3700 in 2015 and Tester took $5,000 from 2012 to 2017.