Executives at Silicon Valley Bank, which failed on Friday, have primarily donated to Democrat politicians, filings show. Its PAC has also sent thousands to mainly Democrats.
, the nation's 16th-largest bank, failed Friday after depositors hurried to withdraw money amid anxiety over the bank's health. It was the second-biggest bank failure in United States history after the collapse of Washington Mutual in 2008.
Becker also gave $2,500 to the New Democrat Coalition Action Fund in May last year. The New Democrat Coalition Action Fund sent $1 million in contributions to numerous Democrat politicians during the 2022 elections. Jeffrey Leerink, the chief executive officer of SVB Securities, donated $1,250 to Massachusetts Democrat Rep. Jake Auchincloss during the 2022 and 2020 elections.
It also passed thousands of dollars to Michigan Democrat Sen. Gary Peters and California Democrat Reps. Maxine Waters and Zoe Lofgren's campaigns during the 2020 elections, among a few others. Senate Majority Leader Chuck Schumer and a handful of Democrat lawmakers have primarily benefited from Silicon Valley Bank's executive and PAC contributions.
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