US President Joe Biden called on the banking sector regulators to “re-impose stricter rules on medium-sized banks,” considering that “the move would prevent more institutions from facing the fate of Silicon Valley.”
Biden urged regulators to “consider a set of amendments aimed at reducing the risks of future banking crises,” according to a White House statement.
And while major banks such as Citigroup and JPMorgan Chase are subject to stricter rules in terms of capital and liquidity, under Trump, the requirements for medium-sized banks have been relaxed.
And imposed the “Dodd-Frank” law, which was passed in the followingmath of the financial crisis in the world in the year 2008 more stringent standards on banks with assets of not less than 50 billion dollars.
Former President Donald Trump had eased the strict rules imposed on banks with assets ranging between one hundred and two hundred and fifty billion dollars.