WASHINGTON (AP) — Weeks after the failure of two banks, President Joe Biden is calling for independent regulatory agencies to impose tighter rules on the financial system.
In a fact sheet, Biden says regulators can act under current law without additional steps taken by Congress.
The recommended changes outlined by the White House try to put clear blame on the Trump administration for weakening supervision of regional banks, saying Biden's predecessor "weakened many important common-sense requirements and supervision."
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 crisis.
