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03/30/2023
White House Wants New Rules for Midsize Banks
PYMNTS
The White House plans to call for tougher regulation of midsize banks.
The recommendations for congressional action could be announced within days and would follow the recent collapses of Silicon Valley Bank and Signature Bank, The Wall Street Journal (WSJ) reported Wednesday (March 29), citing unnamed sources.
President Joe Biden has already called for laws that would impose tougher penalties on executives responsible for bank failures, according to the report.
Beyond that, the administration has not yet determined what changes it would like to see made, the report said.
Actions it could call for, based on statements in the past, include restoring parts of the Dodd-Frank law that were eliminated during the Trump administration; reviving other financial regulations that were altered during the previous administration; and either temporarily extending federal deposit insurance to all bank customers or raising the cap above the current maximum of $250,000, according to the report.
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