Chuck Schumer returns Silicon Valley Bank donation

Analysts and investors say the collapse of Silicon Valley Bank could have an impact on the tech sector for years to come.

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Senate Majority Leader Chuck Schumer to Offer Former President’s Campaign Donations Silicon Valley Bank Chief Executive Greg Becker and the bank’s PAC donated to charity, according to a person with direct knowledge of the matter.

The New York Democrat received his highest personal contribution of $5,800 in June 2021 from Baker, according to the Federal Election Commission.The campaign received $2,700 in 2015 from the bank’s political action committee, which annually FEC filing.

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The New York Democrat plans to donate the donation to the New York-based charity, the person said, speaking on condition of anonymity.

Becker has come under scrutiny from lawmakers since SVB collapsed FDIC Takeover on Friday. Federal regulators have moved to stem the damage from the bank failure and ensure it does not lead to a broader crisis.

Lawmakers have questioned what caused the bank to fail, and some Democrats have begun pushing for stricter safeguards for the financial sector. Lawmakers including Sen. Elizabeth Warren, D-Mass., direct pressure on becker About the failure of the bank.

Rep. Maxine Waters, D-Calif., reportedly said she would return donations she received from Baker. Reporting from Politico.

Representatives for Sen. Mark Warner (D-Va.), who received a $2,900 campaign contribution from Baker, did not respond to a request for comment.

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