Democrats on Capitol Hill rushed to donate or return donations they received from Silicon Valley Bank (SVB) after its dramatic collapse last week.
Senate Majority Leader Chuck Schumer gave back a total of $8,500 to charity on Tuesday after receiving the sum in donations from SVB and its former CEO, Greg Becker. Becker had donated $5,800 to Schumer's campaign in 2021, and the bank's PAC had offered up $2,700 in 2015.
Schumer's office did not immediately respond to a request for comment, nor did it detail which charities the funds had been sent to.
Meanwhile, Rep. Maxine Waters, D-Calif., also plans to return donations she received from the PAC. The SVB's political arm gave Waters $2,500 in late 2020.
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"Yes, I will send it back," she told Politico on Tuesday when asked about the funds.
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Federal regulators seized control over SVB on Friday after a bank run collapsed the company.
President Biden assured Americans they should "feel confident" in the banking system on Monday. His administration has guaranteed that SVB's depositors will have access to their funds. He has said this will come at no cost to U.S. taxpayers, however.
"No losses will be borne by the taxpayers," Biden emphasized. "Instead, the money will come from the fees that banks pay into the deposit insurance fund. Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them."
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Biden says his administration will soon fire all the bank's leadership, including Becker, who donated the funds to Schumer.
