Schumer, Waters among Hill Democrats to disgorge Silicon Valley Bank campaign donations
SVB has overwhelmingly supported Democratic candidates.
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Congressional Democrats are returning or giving to charity campaign contributions from Silicon Valley Bank and its related entities after the California-based financial institution collapsed Friday, then was taken over by federal regulators.
Senate Majority Leader Chuck Schumer donated campaign contributions from the bank's former CEO, Greg Becker, and its PAC to charity, the New York Democrat's office said Tuesday, according to CNBC.
Schumer received $5,800 from Becker this past election cycle, the maximum possible campaign contribution. He received $3,700 in donations from the bank and its affiliated entities in the 2016 election cycle as well, according to data from OpenSecrets.org.
California Rep. Maxine Waters, the top Democrat on the House Financial Service Committee, told Politico on Tuesday she plans on returning the bank's contribution.
Waters received $2,500 from the bank in the 2020 election cycle.
The bank has overwhelmingly supported Democratic candidates. In 2022, Democrats received 78.61% of the institution's political contributions, down from 2020, when Democrats received nearly 90% of the bank's donations.
In 2020, individuals connected to the bank donated $1,178 to former President Donald Trump's reelection campaign and $66,748 to President Joe Biden's campaign. The picture was similar in 2016, when Trump received $131 from bank-linked individuals while Clinton received $22,833.