WH Urges Regulators To Reverse "Trump Admin Weakening" of Banking Safeguards

The White House has published a fact sheeturging, "Regulators to reverse Trump Administration weakening of common-sense safeguards and supervision for large regional banks."

• Statement: "[Biden] is committed to 'continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.'"
• "The Obama-Biden Administration put in place strong requirements to reduce the risk of future banking crises. Unfortunately, Trump Administration regulators weakened many important common-sense requirements and supervision for large regional banks like Silicon Valley Bank and Signature Bank."
• Biden "urges the federal banking agencies," to consider: "Reinstating rules that were rolled back in the previous Administration for banks with assets between $100 and $250 billion, including: Liquidity requirements and enhanced liquidity stress testing, Annual supervisory capital stress tests, Comprehensive resolution plans (also known as “living wills”), Strong capital requirements for banks, at an appropriate time after a considerable transition period."
• According to the statement, "Each of these items can be accomplished under existing law, and they build upon regulatory reforms already on this Administration’s agenda, like completion of the executive compensation rule for bank executives authorized under Section 956 of the Dodd-Frank Act."