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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