The Democratic National Committee (DNC) and President Joe Biden’s presidential campaign said they would return political donations linked to the collapsed Silicon Valley bank on Friday, according to The Guardian. USA Today.
The DNC Tell The publication said the money would be returned after the bank collapsed last week. The announcement was made on the same day that the bank’s parent company, SVB Financial Group, filed for Chapter 11 protection in New York bankruptcy court.
A DNC spokesperson said USA Today That the 2020 Biden presidential campaign and the DNC will donate contributions from 2020 or later are from SVB CEO Greg Baker and the bank’s managing director, Gerald Brady.
USA Today It reported that the Biden presidential campaign and allied PACs had received at least $11,900 from SVB executives, including Brady, a former brand ambassador and head of emerging banking, who took on one of Brady’s roles running a division of the bank, Claire Lee. Additionally, the DNC has earned at least $32,250 over the years from Brady, Lee, and two former SVB executives.
The report also indicated that Baker donated $2,800 to the Biden campaign, and Brady donated $5,500. Brady also gave $12,050 to the DNC. Reportedly, the Biden presidential campaign will return $8,400, and the DNC will return $12,050.
Last week, a Silicon Valley bank collapsed when panicked customers suddenly withdrew tens of billions of dollars after it reported losing nearly $1.8 billion selling its investments in US Treasurys and mortgage-backed securities. In the end, regulators shut down the Silicon Valley bank, and the Federal Deposit Insurance Corporation (FDIC) took control of the bank and said it would protect insured deposits.
On Sunday, the US Treasury Department, the Federal Reserve, and the Federal Insurance Corporation (FDIC) announced that they would take “decisive action to protect the US economy by strengthening public confidence in [the U.S.] The banking system “by effectively making deposits above the $250,000 FDIC limit available last Monday. The bank failed to auction off last weekend after none of the largest US banks bid, but there is supposed to be another attempt to sell the bank.” auction on Friday, according to multiple reports.
Jacob Bliss is a correspondent for Breitbart News. Write to him on firstname.lastname@example.org or follow him on Twitter @employee.
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