Senate Majority Leader Chuck Schumer has rid himself of political contributions tied to the failed Silicon Valley Bank, giving the campaign funds to charity, according to multiple reports on Tuesday.
The New York Democrat received the maximum allowable individual contribution of $5,800 from former Silicon Valley Bank CEO Greg Becker in June 2021, and Schumer’s campaign benefitted from a $2,700 contribution from the failed bank’s political action committee in 2015, FEC filings show.
A spokesperson for Schumer informed news outlets on Tuesday that all political donations linked to Silicon Valley Bank have been given to charity.
CNBC reported that Schumer planned to send the contributions to New York-based organizations.
Schumer’s office did not immediately respond to The Post’s questions about which specific charities received 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 tens of thousands to the individual Senate campaigns of Schumer and several other Democratic lawmakers, according to The Post’s review of fundraising data.
The banks — through their employees and affiliated PACs — have given Democrats over a million dollars since 2017, compared to less than $750,000 to Republicans over the same period.
SVB, Signature Bank and Credit Suisse collectively donated $198,926 to Joe Biden’s 2020 presidential campaign compared to just $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, also said Tuesday that she would be returning contributions she received from Silicon Valley Bank, according to Politico.
Waters received $2,500 from Silicon Valley Bank’s PAC 2020 when she led the Financial Services Committee.
SVB and Signature Bank failed within days of each other this weekend, prompting Biden to reassure depositors that his administration would fully protect people who had invested their money in the institutions.