After the collapse of Silicon Valley Bank and Signature Bank — two of the largest bank failures in U.S. history — some in Washington have rushed to return donations tied to the banks.
But many elected officials who received thousands of dollars in donations from the banks’ executives are silent on what they will do with the money.
Here’s what we know.
Biden, DNC to return money from SVB executives
President Joe Biden’s 2020 presidential campaign and the Democratic National Committee will return political donations tied to SVB in the aftermath of the bank’s collapse, the DNC told USA TODAY on Friday.
- Biden’s campaign and PACs received at least $11,900 from SVB executives, according to records from the Federal Election Commission.
- The Democratic National Committee received at least $32,250.
Contributions by Silicon Valley Bank CEO Greg Becker and another top executive, managing director Gerald Brady, made to Biden’s campaign and the DNC from 2020 or later will be donated, a DNC spokesperson told USA TODAY
Becker gave Biden’s campaign $2,800, and Brady gave it $5,500. Brady also donated $12,050 to the DNC.
In full, Biden’s presidential campaign is returning $8,400, and the DNC is returning $12,050.
Read more:Biden, Democratic National Committee will return political donations from Silicon Valley Bank executives
Who else is returning donations tied to SVB, Signature Bank?
Three high-profile Democrats have committed to returning the donations they received.
- Rep. Ro Khanna, D-Calif., whose district includes part of Silicon Valley, will return all donations, the congressman’s communications director, Marie Baldassarre, told USA TODAY. He received $1,500 from Becker in 2015 and $500 from him in 2018, according to records from the Federal Election Commission. It’s not clear whether the money will go back to the donor or be donated to charity.
- Senate Majority Leader Chuck Schumer, D-N.Y., told CNBC he donated the money he received to charities based in New York. He received a combined $16,400 from several top SVB and Signature Bank executives. His office did not respond to USA TODAY’s requests for comment.
- Rep. Maxine Waters, D-Calif., the former chair of the House Financial Services Committee, told Politico she would also return the $2,500 she received from Silicon Valley Bank PAC in 2020. Her office did not respond to USA TODAY’s requests for comment.
Who hasn’t said what they’ll do with the money?
USA TODAY reached out to several of the biggest recipients of money from SVB and Signature Bank, but spokespeople for those officials did not respond to multiple requests for comment. Among those who received significant sums in recent years and did not answer questions by time of publication:
- Rep. Patrick McHenry, R-N.C., the chairman of the House Financial Services Committee, whose campaign and related PAC received at least $58,700, including $10,000 from Silicon Valley Bank PAC and $21,800 from Signature Bank chairman Scott Shay.
- Sen. Mark Warner, D-Va., whose campaign received at least $27,200, including $21,600 from Silicon Valley Bank PAC and $5,600 from Silicon Valley Bank CEO Greg Becker.
- House Speaker Kevin McCarthy, R-Calif., whose campaign and related PACs received at least $32,910, including $13,667 from Silicon Valley Bank PAC and $3,483 from Signature Bank executive Brian Hallinan
- Rep. Zoe Lofgren, D-Calif., whose campaign and related PAC received $11,100, of which $8,600 was donated by Silicon Valley Bank PAC.