Biden Urges Stricter Banking Regulations Following Recent Failures.

President Biden has called on financial regulators to increase oversight of medium-sized banks that faced reduced scrutiny following a regulatory rollback during the Trump administration. The proposals would not require any action from Congress and could be accomplished by regulators. They include requiring banks to protect themselves against potential losses and maintain enough access to cash to carry them through a crisis. The proposals would also subject more banks to annual stress tests conducted by regulators to ensure they could survive events like the Federal Reserve rapidly raising interest rates, a catalyst in the failure of Silicon Valley Bank earlier this month.