Kevin Cramer insists banks ‘don’t need any more regulation’ following SVB collapse

Sen. Kevin Cramer (R-ND), rebuffs requests for increased banking regulation in the aftermath of Silicon Valley Bank‘s collapse.

Although he took note of inflationary pressures, economic turbulence and other factors that preceded SVB’s collapse, he downplayed concern that SVB would be restructured. Dodd-Frank Trump’s regulation of banks of mid-sized size was a contributing factor to it.

SILICON VALLEY BANCK COLLAPSE – CEO CASHED OUT MILLIONS, WHILE EMPLOYEES GET BONUSES

“They certainly don’t need any more regulation. That doesn’t mean that you can be mismanaged,” Cramer said to NBC. Meet the Press. “We have seen a rather sharp increase in interest rates which have put some smaller banks at odds with their own balance sheet.”

Dodd-Frank was a comprehensive banking regulation and reform package that was enacted as a response to 2008’s financial crisis. It included liquidity requirements and stress tests for banks.

Cramer suggested that smaller banks could be allowed to get regulatory support instead of strengthening them. “better oversight, but certainly not more regulation.” Cramer is a member of the Senate Committee on Banking, Housing, and Urban Affairs.

Silicon Valley Bank reported Wednesday that it sold a slew of securities at a profit. This panicked venture capitalist firms. SBV was forced to sell securities due to the bank’s collapse. Friday collapsedFederal regulators overtook the company.