individuals and political action committees associated with defunct financial institution Silicon Valley Bank have donated extensively to leading politicians.
Silicon Valley Bank, one of the largest financial institutions in the United States, collapsed last week as depositors rushed to withdraw their funds. The firm had sold several long-term government and corporate bonds at a loss to supply the deposits before the Federal Deposit Insurance Corporation assumed control of the company.
Federal election data compiled by Open Secrets indicates that Sen. Mark Warner (D-VA) received $8,300 from Silicon Valley Bank affiliates, including $5,800 from individuals and $2,500 from the company’s political action committee during the 2022 midterm election cycle. Senate Majority Leader Chuck Schumer (D-NY) also received $5,800 directly from Silicon Valley Bank CEO Greg Becker, the maximum allowable individual contribution, according to more data from Open Secrets.
President Joe Biden received some $66,700 from Silicon Valley Bank affiliates in the 2020 election cycle, while the DNC Services Corporation received $21,400.
Schumer donated all funds he has garnered from Silicon Valley Bank affiliates, including a $2,700 contribution from the political action committee in 2015, after the financial institution collapsed, according to a report from Fox News. Similar actions were taken by Rep. Maxine Waters (D-CA), who recently served as chair of the House Financial Services Committee and received $2,500 from the political action committee in 2020.
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