The collapse of Silicon Valley Bank could have ramifications for the tech landscape for years to come, 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, according to a person with direct knowledge of the matter.
The New York Democrat received the 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, per an FEC Filing.
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The New York Democrat plans to send the contributions to New York-based charities, according to the person, who declined to be named.
Becker has come under the scrutiny of legislators since SVB’s collapse, which The Federal Deposit Insurance Corporation took over on Friday. Federal regulators have taken steps to limit the damage from the bank’s failure and ensure it does 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 around the financial sector. Lawmakers including Sen. Elizabeth Warren, D-Mass., has pressed Becker directly on the failure of the bank.
Rep. Maxine Waters, D-Calif., said she will return the grant she received from Becker, according to the report reports from Politico.
A representative for Sen. Mark Warner, D-Va., who received a $2,900 contribution to his campaign from Becker, did not respond to a request for comment.