- President Joe Biden called on federal regulators to take a series of actions to protect the banking system in the wake of the collapse of Silicon Valley Bank and Signature Bank.
- Biden said any reforms he seeks can be implemented under current law.
US President Joe Biden speaks during the Summit for Democracy virtual plenary session on “Democracy Delivering on Global Challenges” at the Eisenhower Executive Office Building in Washington, DC, on Wednesday, March 29, 2023. Biden said during the summit he would seek $9.5 billion from Congress to advance democracy.
Yuri Gripas | Bloomberg | Getty Images
WASHINGTON — President Joe Biden on Thursday called on federal regulators to enact a series of reforms to protect the banking system following the collapse of Silicon Valley Bank and Signature Bank.
The White House said in a briefing Thursday that Biden’s proposals fit into its recent efforts to “strengthen oversight and regulation of larger banks so we don’t get in that position again.” The government wants regulators to take a range of measures to restore safeguards for banks with assets between $100 billion and $250 billion and strengthen oversight of financial institutions.
“Each of these points can be achieved under current law,” the White House said.
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