March 16, 2023 18:35 GMT
WH To Work Closely With Congress To Strengthen Rules For Larger Banks
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White House Press Secretary Karine Jean-Pierre has told reporters that the White House will "work closely" with Congress to increase supervision of the banking sector.
- Jean-Pierre: We have seen bipartisan support on [the Warren-Porter bill]… so we're gonna work closely at that bill and other regulatory changes as well."
- Jean-Pierre: "Unfortunately the previous administration rolled back some of the regulations" of the 2018 banking bill, "that would have been incredibly important as we move forward."
- Jean-Pierre: "As the President said, Congress and regulators must strengthen those rules for larger banks so this doesn't happen again... We will continue to work with Congress on what else can be done... there is quite a bit we can do administratively but without Congress we can't fully deal with this issue."
- It is unclear if the Warner-Porter bill has enough support amongst centrist Democrats. Senator Mark Warner (D-VA) said yesterday: “I frankly think that traditional, prudential regulation – safety and soundness – should have caught this. I’d like to know why that didn’t happen, because interest rate mismatch is ‘Banking 101.’”