Biden calls on agencies to sidestep Congress, revive bank regulations that Trump weakened
The recommended changes outlined by the White House try to put a clear blame on the Trump administration for weakening supervision of regional banks, issuing a fact sheet that said 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. They would also need to provide the government with “living wills” to help them be unwound in case of failure.
Treasury Secretary Janet Yellen said in a Thursday speech that regulations have been weakened in recent years as the shocks of the 2008 financial crisis wore off, but that the recent failures required swift government intervention in order to preserve public confidence. “If there is any place where the vulnerabilities of the system to runs and fire sales have been clear-cut, it is money market funds,” she said. In February, money market funds contained net assets worth $5.3 trillion, according to the Securities and Exchange Commission.
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Biden calls to revive bank regulations that Trump weakenedOnce 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 …
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