President 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,' the White House says.
"We think the banking system has stabilized greatly in the past few weeks," the official said."This set of actions is really about making sure we're protecting the resilience of the banking system going forward."Among the actions the White House is urging regulators to take is reinstating rules on liquidity requirements and stress testing for banks with assets between $100 and $250 billion.
The president also wants"federal banking agencies to take steps to once again ensure strong oversight and supervision that includes strengthening supervisory tools, including stress testing, to make sure that banks can withstand high interest rates and other stresses," the official said. "Each of these items can be accomplished under existing law, and they build upon regulatory reforms already on this administration’s agenda," the White House said in a statement.
The White House official stressed that the administration is still discussing other reforms with lawmakers, including legislation that would make it easier for the government toHe's also asked Congress to expand the FDIC’s ability to fine executives.
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