The DNC announced that it and POTUS's 2020 campaign will hand back political donations tied to Silicon Valley Bank. A DNC spokesman said that contributions from 2020 or later would be donated to charity.
Recipients of donations from the shuttered bank's political action committee and top executives have come under pressure to return those funds or give them to charity in the wake of SVB's collapse last Friday. Biden's campaign and PACs obtained around $11,900 from SVB executives, while the DNC was given at least $32,250, Federal Election Commission filings show. A DNC spokesman told USA Today on Friday that contributions from 2020 or later would be donated to charity.
Donations from SVB CEO Greg Becker to Biden's campaign and the DNC will also be returned, a spokesman for the party told the outlet. Becker gave Biden's 2020 campaign $2,800. Banking regulators shut down SVB last week, two days after the nation's 16th-largest federally insured bank announced that it needed to raise more than $2.2 billion to remain solvent, which sent its stock price plunging over 60% in 48 hours.
Eight senators and House members received almost $45,000 in campaign donations from SVB's political action committee between 2012 and 2022, according to FEC records reviewed by the Washington Examiner.
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