Biden and DNC to make Silicon Valley Bank-related political donations to charity

The Democratic National Committee and President Biden’s 2020 campaign plan to dump political donations tied to the Silicon Valley Bank bankruptcy, the DNC announced Friday.

Biden’s presidential campaign brings in $8,400 and the DNC brings in $12,050, according to USA Today.

The 80-year-old president’s campaign and political action committees and the DNC, however, have received far more than that from top executives at the recently imploded bank.

Biden raised at least $14,700 from SVB executives, while the DNC brought in at least $32,250, according to USA Today.

A DNC spokesperson told the outlet on Friday that only contributions from 2020 or later would be donated to charity.

Joe Biden
A DNC spokesperson told USA Today that Biden would donate the $8,400 he received from SVB leaders.

The DNC did not immediately respond to The Post’s request for comment.

Silicon Valley Bank CEO Greg Becker appears to have given Biden’s campaign at least $2,800, according to Federal Election Commission documents.

Biden’s campaign also received a $5,600 donation from Silicon Valley Bank chief executive Gerald Brady, who also gave the DNC $17,050, including a $5,000 donation in 2012, according to filings by the FEC.

Claire Lee, a former SVB brand ambassador and head of the company’s startup group, gave $6,300 to the Biden Victory Fund in 2020 and $15,200 to the DNC since 2018, according to FEC filings.

The DNC and Biden campaign’s decision echoes what other top Democratic lawmakers have pledged to do with contributions from the collapsed bank.

Senate Majority Leader Chuck Schumer (D-NY) received Becker’s maximum allowable individual contribution of $5,800 in June 2021, and his campaign also received a $2,700 committee contribution. failed bank’s political action in 2015, according to FEC filings.

chuck schumer
Senator Chuck Schumer pledged to donate all SVB contributions to charity earlier this week.

A spokesperson for Schumer told the media on Tuesday that all political donations related to Silicon Valley Bank had been made to New York-based charities.

Rep. Maxine Waters (D-California), a ranking member of the House Financial Services Committee, also said Tuesday that she would return contributions she received from Silicon Valley Bank, according to Politico.

Maxine Waters
Rep. Maxine Waters received money from the SVB when she headed the House Financial Services Committee.
Bloomberg via Getty Images

Waters received $2,500 from Silicon Valley Bank’s 2020 PAC when she led the Financial Services Committee.

Bank of Silicon Valley
The Biden administration announced it would bail out SVB days after it collapsed.
Bloomberg via Getty Images

After the SVB collapsed on March 10, the Biden administration announced it would bail out the bankrupt bank, pledging to use the Federal Deposit Insurance Corp’s deposit insurance fund. to make all Silicon Valley Bank customers whole.

More than 93% of SVB’s domestic deposits were over $250,000 — normally the cap above which money is no longer insured by the Federal Deposit Insurance Corp.

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