- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-03-31T14:55:00
President Joe Biden on Thursday used his executive powers to urge regulators to reinforce banking regulation in the aftermath of the failures of Silicon Valley Bank (SVB) and Signature Bank.
In a White House fact sheet, Biden called on federal banking agencies to “consider a set of reforms that will reduce the risk of future banking crises.” The recommendations put forward largely reverse changes to banking regulation made during the Trump administration, which aimed to reduce burdens on mid-sized institutions regarding liquidity requirements, stress tests, and more.
Democrats have pointed to these changes as a significant driving factor behind what went wrong to cause SVB’s collapse. Republicans have levied criticism at the actions of the current administration and on the social and climate-related activities of SVB.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
The Failed Bank Executives Clawback Act seeks to require the Federal Deposit Insurance Corporation to claw back five years’ worth of compensation from executives who lead failed banks.
Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare and Medicaid Services, has a mandate from Trump to “take on the illness industrial complex” and to cut costs.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
