Sen. Cramer Statement on Collapse of Silicon Valley Bank, Signature Bank

WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, issued the below statement on the collapse of Silicon Valley Bank and Signature Bank and subsequent reactions by the U.S. Department of the Treasury (DOT), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC):

“The failures of Silicon Valley Bank and Signature Bank have led to needless stress in the banking system. This situation demands oversight to uncover the cause of recent events and the bureaucracy’s reaction to it. Instead of rushing to institute knee-jerk and excessive regulations, a level assessment of these developments is needed so the local financial institutions across North Dakota are not penalized for a problem they didn’t create.”