Biden urges regulators to tighten rules for large regional banks

The White House issued a fact sheet in which it states in part: "President Biden believes that resilient community and regional banks provide vital services to small businesses, workers, and families around the country. The Biden-Harris Administration has taken decisive action to ensure the stability of the banking system without putting taxpayer dollars at risk… The President 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 and protect American jobs and small businesses. Specifically, the President urges the federal banking agencies, in consultation with the Treasury Department, to consider a set of reforms that will reduce the risk of future banking crises, including reinstating rules that were rolled back in the previous Administration for banks with assets between $100 and $250 billion; Taking steps to once again ensure strong supervision; Expanding long-term debt requirements to a broader range of banks; Ensuring that the costs of replenishing the Deposit Insurance Fund after these recent bank failures are not borne by community banks… Each of these items can be accomplished under existing law, and they build upon regulatory reforms already on this Administration’s agenda, like completion of the executive compensation rule for bank executives authorized under Section 956 of the Dodd-Frank Act." Reference Link