The Democratic National Committee (DNC) and President Joe Biden’s presidential campaign stated they would return political donations tied to the collapsed Silicon Valley Bank on Friday, according to USA Today.
The DNC told the publication that the money would be returned following last week’s bank collapse. The announcement was made the same day the bank’s parent company, SVB Financial Group, filed for Chapter 11 protection in New York bankruptcy court.
A spokesperson from the DNC told USA Today that Biden’s 2020 presidential campaign and the DNC would donate the contributions from 2020 or later from SVB CEO Greg Becker and the bank’s managing director, Gerald Brady.
The report also noted that Becker donated $2,800 to Biden’s campaign, and Brady donated $5,500. Brady also gave $12,050 to the DNC. Reportedly, Biden’s presidential campaign will return $8,400, and the DNC will return $12,050.
