Chuck Schumer offers donations linked to Silicon Valley Bank to charity

Senate Majority Leader Chuck Schumer has rid himself of political contributions tied to the failed Silicon Valley Bank, giving the advertising and marketing marketing campaign funds to charity, in response to a variety of research on Tuesday. 

The New York Democrat obtained the utmost allowable explicit particular person contribution of $5,800 from former Silicon Valley Bank CEO Greg Becker in June 2021, and Schumer’s advertising and marketing marketing campaign benefitted from a $2,700 contribution from the failed monetary establishment’s political movement committee in 2015, FEC filings current. 

A spokesperson for Schumer educated data retailers on Tuesday that every one political donations linked to Silicon Valley Bank have been given to charity.

CNBC reported that Schumer deliberate to ship the contributions to New York-based organizations. 

Schumer’s office didn’t immediately reply to The Post’s questions on which explicit charities obtained funds.

Since 2016, three floundering financial institutions, Silicon Valley Bank, Signature Bank and Credit Suisse, have donated $89,322 to the Democratic National Committee, as well as to tens of 1000’s to the particular person Senate campaigns of Schumer and a variety of different totally different Democratic lawmakers, in response to The Post’s analysis of fundraising data.

The banks — through their employees and affiliated PACs — have given Democrats over a million {{dollars}} since 2017, compared with decrease than $750,000 to Republicans over the similar interval. 

SVB, Signature Bank and Credit Suisse collectively donated $198,926 to Joe Biden’s 2020 presidential advertising and marketing marketing campaign compared with merely $17,597 to former President Donald Trump in 2020, The Post found.

Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, moreover said Tuesday that she might be returning contributions she obtained from Silicon Valley Bank, in response to Politico.

Waters obtained $2,500 from Silicon Valley Bank’s PAC 2020 when she led the Financial Services Committee. 

SVB and Signature Bank failed inside days of each other this weekend, prompting Biden to reassure depositors that his administration would completely defend people who had invested their money throughout the institutions.