President Joe Biden is urging federal banking agencies to consider a series of reforms that would “reduce the risk of a future banking crisis” and refrain from penalizing community banks, says a White House official.
Speaking in a call with reporters on Thursday, the administration official confirmed that the president is recommending reinstating rules and regulations that were rolled back under former President Donald Trump for banks with assets between $50 billion and $100 billion.
This includes enhancing capital and liquidity standards, conducting supervised annual stress tests, mandating living wills or resolution plans (the company’s process of liquidation under U.S. bankruptcy code), and expanding long-term debt requirements….