Biden is calling for a range of safeguards for the banking system in the wake of the failures of Silicon Valley Bank and Signature Bank.
President Joe Biden urged federal regulators to take a range of steps to safeguard the banking system after the collapse of Silicon Valley Bank and Signature Bank.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.
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.This is a breaking story. Please check back for updates.
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