Biden calls to revive bank regulations that Trump weakened

Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.

The recommended changes outlined by the White House try to put clear blame on the Trump administration for weakening supervision of regional banks, issuing a fact sheet that said Biden's predecessor "weakened many important common-sense requirements and supervision." Rattling the financial markets and U.S. voters alike, the California-based Silicon Valley Bank and New York-based Signature Bank failed over the course of a weekend and required government intervention. Then another financial institution, First Republic Bank, received an emergency $30 billion infusion of funds from 11 large private banks.

Biden wants to revive and expand rules for mid-size banks that face less scrutiny than the industry's behemoths, with administration officials saying that U.S. banks have stabilized since the collapse of Silicon Valley Bank on March 10 as it rolls out its recommended changes.

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