Sen. Cramer to Newsmax: SVB Collapse Warning Signs Ignored

Sen. Cramer to Newsmax: SVB Collapse Warning Signs Ignored

Sen. Kevin Cramer, R-N.D., a member of the Senate Banking Committee, told Newsmax that prior to Silicon Valley Bank’s collapse, a number of responsible parties were “asleep at the switch.”

Speaking on “Eric Bolling: The Balance,” Cramer said, “We should resist making kneejerk responses until we know more about what happened at each of these banks: what were the fundamentals; how much of it is related to the … upside-down situation related to, you know, the fast spike in interest rates and deposits; how much of it is capitalization; how much of it is not.

“But, it certainly does seem that there were some people that were asleep at the switch whether its management; board, perhaps; … regulators. Because it does appear there were some warning signs —  acknowledged warning signs  —  that weren’t heeded in time to salvage these situations.

“And so,” the senator added, “there’s just a lot that we have to learn … before we jump to, certainly jump to some sort of systemic solution to what might be a fairly localized problem.”

When addressing factors that led to the collapse of SVB, Cramer said there’s “no question … that the chain of events begins with overspending.”

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Originally Posted on: https://www.newsmax.com/politics/federal-reserve-treasury-svb/2023/03/15/id/1112384
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