US President Joe Biden speaks during the Summit for Democracy virtual plenary on “Democracy Delivering on Global Challenges” in the Eisenhower Executive Office Building in Washington, DC, US, on Wednesday, March 29, 2023. Biden during the summit said he will seek $9.5 billion from Congress to promote democracy.
Yuri Gripas | Bloomberg | Getty Images
WASHINGTON — President Joe Biden on Thursday urged federal regulators to take up a set of reforms to safeguard the banking system, following the collapse of Silicon Valley Bank and Signature Bank.
The White House said in a fact sheet Thursday that Biden’s proposals fit into his recent effort “to strengthen oversight and regulation of larger banks so that we are not in this position again.” The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and bolster supervision over financial institutions.
“Each of these items can be accomplished under existing law,” the White House said.
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