Biden urges regulators to strengthen rules for banks
United States President Joe Biden called for stricter rules and oversight of large regional banks to ensure that events such as the latest crashes of Silicon Valley Bank and Signature Bank do not repeat.
According to a fact sheet issued by the White House on Thursday, Biden "believes that the weakening of common-sense bank safeguards and supervision during the Trump administration for large regional banks should be reversed in order to strengthen the banking system and protect American jobs and small businesses."
The measures that the Biden administration seeks to reinstate include liquidity requirements and enhanced stress testing, yearly supervisory capital stress tests, comprehensive resolution plans as well as strong capital requirements for banks.