House Financial Services Committee Chair Maxine Waters (D-CA) dodged questions about whether Democrats should return donations from former FTX CEO Sam Bankman-Fried.
Waters said both Republicans and Democrats have benefited from FTX donations, saying, “Well, I don’t want to get into that. In fact, both camps, Democrats and Republicans, received donations. So thanks.”
Waters added that the committee will hold a hearing in December to “explore exactly what happened” with FTX.
Sam Bankman-Fried paid millions to Democratic candidates in the 2022 midterm elections; he reportedly donated approximately $38 million to various candidates and PACs.
The Daily Beast noted that many Democratic candidates and politicians received donations from FTX:
The Daily Beast contacted more than 25 lawmakers who received money and reported that some said they would donate the money to charity. Other members of Congress said they spent it to boost other Democratic candidates, and some did not respond at all.
The names of Democratic candidates who have received political contributions from FTX include Rep. Jesus Garcia, D-Ill., and Elected Representatives Morgan McGarvey of Kentucky, Maxwell Frost of Florida, Sydney Kamlager of California, Jonathan Jackson of Illinois, Nikki Budzinski from Illinois, Jared Moskowitz from Florida and Rob Menendez Jr. from New Jersey.
Rep. Patrick McHenry (R-NC), a prominent member of the House Financial Services Committee, spoke of the need to uncover any wrongdoing on the part of the company:
Speaker Waters and I are announcing a House Financial Services Committee hearing into the FTX debacle. Oversight is one of the most critical functions of Congress and we need to get to the bottom of it for FTX customers and the American people. It is essential that we hold bad actors accountable so that responsible actors can harness technology to build a more inclusive financial system.
He added, “I appreciate Speaker Waters’ work with Republicans to ensure accountability through a bipartisan process.”