Sun. Jun 4th, 2023

WASHINGTON — The Democratic Nationwide Committee and President Joe Biden’s 2020 marketing campaign will return political donations tied to Silicon Valley Financial institution within the aftermath of the financial institution’s collapse, the DNC informed USA TODAY on Friday.

Biden’s presidential marketing campaign and PACs obtained at the very least $11,900 from SVB executives, in accordance with information from the Federal Election Fee.

  • Silicon Valley Financial institution managing director Gerald Brady donated $5,600 to Biden for President in 2020, in accordance with FEC information.

  • Claire Lee, the previous model ambassador and head of startup banking who took over one in every of Brady’s roles working a division of Silicon Valley Financial institution, gave $6,300 to the Biden Victory Fund.

The Democratic Nationwide Committee obtained at the very least $32,250.

  • That quantity contains $17,050 from Brady, together with a $5,000 donation in 2012.

  • It additionally contains $15,200 from Lee: $15,000 in 2018 and $200 in 2020.

  • A number of different former Silicon Valley Financial institution executives donated prior to now.

Biden’s 2020 presidential marketing campaign and the DNC will donate contributions from 2020 or later from Silicon Valley Financial institution CEO Greg Becker and Brady, a DNC spokesperson informed USA TODAY.

Becker gave Biden’s marketing campaign $2,800, and Brady gave it $5,500. Brady additionally donated $12,050 to the DNC.

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Biden’s presidential marketing campaign is returning $8,400, and the DNC is returning $12,050.

The president referred to as on Congress Friday to broaden the federal government’s potential to carry executives accountable for financial institution collapses, saying he is with out the authority he wants to reply to the latest failures at SVB and Signature Financial institution.

Political donations returned after SVB collapse

SVB’s collapse and the following failure of New York’s Signature Financial institution marked two of the biggest financial institution failures in U.S. historical past.

The Biden administration mentioned it might make entire the shoppers who held their cash in these banks, though the banks’ stockholders won’t obtain the identical safety, and executives will likely be fired. Critics have referred to as the transfer a “bailout,” although Biden mentioned taxpayer cash received’t cowl the shopper losses.

Some Democrats have mentioned they may return any donations they obtained tied to SVB or Signature Financial institution.

Spokespeople for Senate Majority Chief Chuck Schumer, D-N.Y., and Rep. Maxine Waters, D-Calif., the previous chair of the Home Monetary Providers Committee, informed CNBC and Politico, respectively, they’d donate the cash to charity. Their places of work didn’t reply to USA TODAY’s requests for remark.

Rep. Ro Khanna, D-Calif., whose district contains a part of Silicon Valley, will return all donations, the congressman’s communications director, Marie Baldassarre, informed USA TODAY. It’s not clear if the cash will return to the donor or be donated to charity.

However most different lawmakers have remained silent on whether or not they’ll maintain the money, together with two of the largest recipients of cash from Silicon Valley Financial institution and Signature Financial institution, Rep. Patrick McHenry, R-N.C. and Sen. Mark Warner, D-Va.

McHenry, chairman of the Home Monetary Providers Committee, obtained at the very least $58,700 to his marketing campaign and associated PAC, and Warner’s marketing campaign obtained at the very least $27,200. Neither congressman’s workplace returned USA TODAY’s requests for remark.

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This text initially appeared on USA TODAY: SVB collapse: Biden, DNC will return political donations tied to financial institution

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