Sen. Mark Warner, a member of the Senate Banking Committee who was among several lawmakers to receive campaign contributions from the failed Silicon Valley Bank, downplayed the donations on Monday by saying he was unswayed by them.
The Virginia lawmaker, who was among 17 Senate Democrats in 2018 to vote in favor of a partial rollback of banking regulations under the Dodd-Frank Act passed in the aftermath of the 2008 financial crisis, said he “has never been influenced by campaign contributions on any issue.”
Mr. Warner’s campaign has received approximately $27,000 from the failed bank, including $21,600 in donations from the Silicon Valley Bank political action committee and $5,600 in donations from Silicon Valley Bank’s former CEO Greg Becker.The March 10 collapse of Silicon Valley Bank and Signature Bank were the second and third-largest bank failures in U.S. history.
Some, though, also have blamed a rollback of banking regulations under the Trump administration that exempted banks with less than $250 billion in assets from Fed stress tests. “These rules were designed to safeguard our banking system and economy from the negligence of bank executives like yourself – and their rollback, along with atrocious risk management policies at your bank, have been implicated as chief causes of its failure,” Ms. Warren wrote.
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