Records Show SVB Donated Over $73 Million To BLM And Social Justice Causes

March 16, 2023

A Claremont Institute database reveals that the now-defunct bank contributed approximately $73,450,000 to the BLM movement and other causes related to social justice. The Federalist was the first to report that in the summer of 2020, amidst nationwide racial tensions following George Floyd's death in police custody, the bank vowed to bolster its efforts toward "diversity, equity, and inclusion (DEI)" within its workforce.

An August 2020 report showcased that nearly two-thirds of the bank's employees met the established "diversity" standards. Later that year, another report celebrated SVB's accomplishments in supporting minority communities. In a letter prefacing this report, CEO Greg Becker highlighted SVB's employee matching programs, which were centered on "pandemic response, social justice, sustainability, and supporting women, Black and Latinx emerging talent, and other underrepresented groups."

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Fox Business reported that it has reached out to BLM for comment.

Specific conservative figures have attempted to link the bank's so-called "woke" priorities to its eventual downfall. On Sunday, Rep. James Comer (R-Ky.) contended that Silicon Valley Bank was "one of the most woke banks in [its] pursuit of ESG-type policy and investing." ESG, or environmental, social, and governance, refers to non-financial criteria utilized by asset managers and investors for financial decision-making.

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Comer, during a Fox News' "Sunday Morning Features" segment, claimed, "This could be a trend, and there are consequences for bad Democrat policy."

Conversely, liberals have cited President Donald Trump's signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which scaled back critical regulations implemented following the 2008 financial crisis. Former US Rep. Barney Frank (D-Mass.), a board member of Signature Bank, also closed in connection with SVB's collapse, has argued that the 2018 regulatory change was not a factor in either bank's difficulties.

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Critics have pointed to numerous warning signs surrounding the bank, including its rapid expansion since the COVID-19 pandemic, its unusually high volume of uninsured deposits, and its numerous investments in long-term government bonds and mortgage-backed securities, which plunged in value as interest rates increased.