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HomeNewsChuck Schumer to return Silicon Valley Financial institution donations

Chuck Schumer to return Silicon Valley Financial institution donations

Silicon Valley Financial institution’s collapse might have ramifications for the know-how panorama over the approaching years, analysts and buyers stated.

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Senate Majority Chief Chuck Schumer will give marketing campaign contributions from former Silicon Valley Financial institution CEO Greg Becker and the financial institution’s PAC to charities, in line with an individual with direct information of the matter.

The New York Democrat acquired the utmost particular person contribution of $5,800 from Becker in June 2021, in line with the Federal Election Fee. The marketing campaign acquired $2,700 from the financial institution’s political motion committee in 2015, per an FEC submitting.

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The New York Democrat plans to ship the contributions to New York-based charities, in line with the individual, who declined to be named.

Becker has fallen beneath the scrutiny of lawmakers because the collapse of SVB, which the Federal Deposit Insurance coverage Company took over on Friday. Federal regulators have moved to include the injury from the financial institution’s failure and guarantee it doesn’t result in a broader disaster.

Lawmakers have questioned what led to the financial institution’s failure, and a few Democrats have began to push for tighter safeguards across the monetary sector. Lawmakers together with Sen. Elizabeth Warren, D-Mass., have pressed Becker straight on the financial institution’s failure.

Rep. Maxine Waters, D-Calif., stated she’s going to return the contribution she acquired from Becker, in line with reporting from Politico.

A consultant for Sen. Mark Warner, D-Va., who acquired a $2,900 contribution to his marketing campaign from Becker, didn’t reply to a request for remark.



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