The collapse of Silicon Valley Bank could have ramifications for the technology landscape over the coming years, analysts and investors say.
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Senate Majority Leader Chuck Schumer will donate campaign donations from former Silicon Valley Bank CEO Greg Becker and the bank’s PAC to charity, according to people with direct knowledge of the matter.
The New York Democrat received a 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, according to an FEC filing.
The New York Democrat plans to send the donation to a New York-based charity, according to the person, who declined to be named.
Becker has fallen under the scrutiny of the legislature since the collapse of SVB, which the Federal Deposit Insurance Corporation took over there. Federal regulators have moved to contain the damage from bank failures and ensure that they do not lead to a wider crisis.
Lawmakers have questioned what led to the bank’s failure, and some Democrats have begun pushing for tighter protections in the financial sector. Lawmakers including Senator Elizabeth Warren, D-Mass., have pressed Becker directly on the bank failure.
Rep. Maxine Waters, D-Calif., said she would return the contributions she received from Becker, according to a report from Politico.
A representative for Sen. Mark Warner, D-Va., who received $2,900 in campaign contributions from Becker, did not respond to requests for comment.