The package bears the fingerprints of one of Biden’s new top aides, former Federal Reserve Vice Chair Lael Brainard, who has long warned that she thought that deregulation legislation passed in 2018 went too far. Brainard took over Biden’s National Economic Council last month.
President Joe Biden’s administration is pressing regulators to tighten the rules for mid-sized banks, its strongest step yet in response to the banking crisis that led to the failure of a pair of regional lenders.
The White House on Thursday called for federal banking agencies, in conjunction with the Treasury Department, to enact a series of changes. None of the measures requires Congressional approval, the White House said in a statement, though it’s not clear if regulators will enact them.
