U.S. Rep. Ro Khanna, the Democratic congressman from Silicon Valley, is defending his plans to hold a fundraiser at the home of venture capitalist David Sacks in the wake of advocating for government intervention in Silicon Valley Bank’s collapse.
Sacks, who was PayPal Holdings Inc.’s PYPL, +4.79% founding chief operating officer and often tweets political opinions that mostly differ from Khanna’s, was among the most outspoken of VCs calling for the government to step in after the second-largest bank failure in U.S. history. At one point in the weekend after the bank’s collapse, Sacks tweeted “Where is Powell? Where is Yellen? Stop this crisis NOW,” and has lately been defending the perceived role of venture capitalists in the collapse.
The congressman added that he disagrees with Sacks’s support of Republican politicians such as Florida Gov. Ron DeSantis and Ohio Sen. J.D. Vance, but pointed out that Sacks has also donated to Democrats, such as Hillary Clinton. “The tech community explicitly lobbied me on deregulation in 2018, and I stood up to them and voted against it,” he said, referring to the weakening of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The rollback eased regulations for smaller banks and is now being blamed as one of the factors in the demise of Silicon Valley Bank.
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