Biden and DNC will give political donations tied to Silicon Valley Bank to charity

The Democratic National Committee and President Biden’s 2020 campaign plan to rid themselves of political donations linked to the failed Silicon Valley Bank, the DNC said on Friday.

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

The 80-year-old president’s 2020 campaign and political actions committees and the DNC, however, have received much more than that from top executives at the recently imploded bank.

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

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

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

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

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

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

The move by the DNC and Biden campaign echoes what other high-profile Democratic lawmakers have pledged to do with contributions from the collapsed bank. 

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

A spokesperson for Schumer informed news outlets on Tuesday that all political donations linked to Silicon Valley Bank have been given to  New York-based charities.

Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, also said Tuesday that she would be returning contributions she received from Silicon Valley Bank, according to Politico.

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

After the SVB’s March 10 collapse, the Biden administration announced that it would bailout the failed bank, vowing to use the Federal Deposit Insurance Corp.’s Deposit Insurance Fund to make whole all customers of Silicon Valley Bank. 

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