White House plans are still in flux. A House panel will examine SVB’s failure on Wednesday.
President Biden is expected to seek tougher regulations as part of his response to the crises at SVB and Signature Bank, which led the administration to backstop billions in deposits at both banks that had been uninsured because they were over the $250,000 limit for federal protection. The new oversight measures would need to be implemented separately by the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.
But Republicans have attacked the administration for intervening on behalf of California firms. Democrats, in turn, have sought to highlight the GOP’s opposition to tougher rules on banks as a possible factor in the crisis.The Fed, which is independent of the White House, will have discretion over whether to implement the recommendations.
“The White House can’t tell them what to do, but they can ask very nicely,” said Todd Phillips, a fellow at the Roosevelt Institute and a former attorney at the FDIC. “Silicon Valley was not going to be stress-tested until 2024 under the Fed’s tailoring provisions — that’s just insane for a bank of its size.”But Biden is not expected to call for Congress to repeal the 2018 banking law that rolled back many regulations.
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