Correction & clarification: A previous version of this article misstated a committee assignment for Sen. Gary Peters, D-Mich..
Before they went down in history as two of the largest bank failures in the U.S., executives for Silicon Valley Bank of California and Signature Bank of New York were political donors who steered their money toward people who influence financial services laws.
Silicon Valley Bank Political Action Committee gave to Democrats and Republicans with the most influence over their industry, while the bank’s executives used their own money to donate more often to Democrats, according to a review of filings with the Federal Election Commission. Executives for Signature Bank gave to a steady mix of Republicans and Democrats.
Several lawmakers showed up repeatedly in records from the Federal Election Commission, such as Rep. Patrick McHenry, R-N.C., the chairman of the House Financial Services Committee, and Senate Majority Leader Chuck Schumer, D-N.Y. Other donations that executives made appeared to reflect their personal interests.
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Graphic:Silicon Valley Bank collapse explained
Silicon Valley Bank PAC posted five-figure fundraising totals during most election cycles dating back to 1998, maxing out in 2011 and 2012 when it brought in about $60,000. Much of the money the PAC could pool and spend over the years has come from Silicon Valley Bank executives. Some of its major recipients include:
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Gerald Brady, a managing director for Silicon Valley Bank, donated $36,850 to Democrats and their causes from 2020 to 2022. The total includes:
Greg Becker, the CEO of SVB, gave $23,400 from 2014 to 2021. Among the donations:
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Scott Shay, who has served as chairman of Signature Bank since 2000, has given $175,450 since 2008, with $113,550 of that from 2020 through 2022. Donations include;
Thomas Kasulka, executive vice president and chief lending officer of Signature Bank, gave $26,700 from 2015 to 2021. Donations include:
Joseph DePaolo, the president, CEO and director of Signature Bank, gave $20,750 between 2010 and 2021. Donations include:
