Silicon Valley Financial institution’s collapse might have ramifications for the expertise panorama over the approaching years, analysts and traders mentioned.
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Senate Majority Chief Chuck Schumer gave marketing campaign contributions from former Silicon Valley Financial institution CEO Greg Becker and the financial institution’s PAC to charities, his workplace mentioned Tuesday.
The New York Democrat acquired the utmost particular person contribution of $5,800 from Becker in June 2021, in response to 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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Schumer’s marketing campaign gave all donations linked to SVB to charity, mentioned Allison Biasotti, a spokeswoman for the senator. The New York Democrat deliberate to ship the contributions to New York-based organizations, in response to an individual with direct data of the matter, who declined to be named.
Becker has fallen beneath the scrutiny of lawmakers for the reason that collapse of SVB, which the Federal Deposit Insurance coverage Company took over on Friday. Federal regulators have moved to comprise 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 immediately on the financial institution’s failure.
Rep. Maxine Waters, D-Calif., mentioned she’s going to return the contribution she acquired from Becker, in response to 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.