Biden Pushes for Stricter Rules on Regional Banks and Financial Regulators

The Biden administration is urging independent agencies, including the Federal Reserve, to toughen rules aimed at reducing regional banks' reliance on debt and increasing their cash on hand. The move comes after the collapse of Silicon Valley Bank and Signature Bank, and the administration is pushing to reverse the deregulation of regional banks that was carried out under President Donald Trump. The White House is calling for annual stress testing for regional banks and for the FDIC to shield community banks from bearing the costs of replenishing the deposit insurance fund after the failure of SVB and Signature Bank.