Once banks hold assets of more than $100 billion, the administration is asking them to hold more capital to absorb losses and face enhanced stress testing to ensure they could withstand a possible …
Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.
Rattling the financial markets and U.S. voters alike, the California-based Silicon Valley Bank and New York-based Signature Bank failed over the course of a weekend and required government intervention. Then another financial institution, First Republic Bank, received an emergency $30 billion infusion of funds from 11 large private banks.
In addition, Biden wants regulators to provide more aggressive supervision of banks and have them ensure that community banks are not responsible for replenishing the federal insurance fund for bank deposits. Treasury Secretary Janet Yellen said in a Thursday speech that regulations have been weakened in recent years as the shocks of the 2008 financial crisis wore off, but that the recent failures required swift government intervention in order to preserve public confidence.
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