Silicon Valley Bank’s collapse could have ramifications for the technology landscape over the approaching years, analysts and investors said.
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Senate Majority Leader Chuck Schumer will give campaign contributions from former Silicon Valley Bank CEO Greg Becker and the bank’s PAC to charities, based on an individual with direct knowledge of the matter.
The Latest York Democrat received the utmost individual contribution of $5,800 from Becker in June 2021, based on the Federal Election Commission. The campaign received $2,700 from the bank’s political motion committee in 2015, per an FEC filing.
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The Latest York Democrat plans to send the contributions to Latest York-based charities, based on the person, who declined to be named.
Becker has fallen under the scrutiny of lawmakers because the collapse of SVB, which the Federal Deposit Insurance Corporation took over on Friday. Federal regulators have moved to contain the damage from the bank’s failure and ensure it doesn’t result in a broader crisis.
Lawmakers have questioned what led to the bank’s failure, and a few Democrats have began to push for tighter safeguards across the financial sector. Lawmakers including Sen. Elizabeth Warren, D-Mass., have pressed Becker directly on the bank’s failure.
Rep. Maxine Waters, D-Calif., said she’s going to return the contribution she received from Becker, based on reporting from Politico.
A representative for Sen. Mark Warner, D-Va., who received a $2,900 contribution to his campaign from Becker, didn’t reply to a request for comment.
