After the collapse of Silicon Valley Bank and Signature Bank — two of the largest bank failures in U.S. history — some in Washington have rushed to return donations tied to the banks.
But many elected officials who received thousands of dollars in donations from the banks’ executives are silent on what they will do with the money.
Biden, DNC to return money from SVB executives
President Joe Biden’s 2020 presidential campaign and the Democratic National Committee will return political donations tied to SVB in the aftermath of the bank’s collapse, the DNC told USA TODAY on Friday.
- Biden’s campaign and PACs received at least $11,900 from SVB executives, according to records from the Federal Election Commission.
- The Democratic National Committee received at least $32,250.
Contributions by Silicon Valley Bank CEO Greg Becker and another top executive, managing director Gerald Brady, made to Biden’s campaign and the DNC from 2020 or later will be donated, a DNC spokesperson told USA TODAY
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Becker gave Biden’s campaign $2,800, and Brady gave it $5,500. Brady also donated $12,050 to the DNC.
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In full, Biden’s presidential campaign is returning $8,400, and the DNC is returning $12,050.
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