WASHINGTON: President Joe Biden will on Monday (Mar 13) address a banking crisis that led US regulators to step in with a series of emergency measures after the collapses of Silicon
Biden on Sunday hinted at new regulation of big banks after the biggest US bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.
"The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden said in a statement. Rules introduced after US banks sparked a global financial crisis in 2008 by aggressive mortgage lending may come under the spotlight in coming days. They were partially repealed in 2018 under former President Donald Trump.
"The prospect of legislation in this polarized political world is very low," John Coffee, a professor at Columbia Law School, told Reuters.
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