Biden urges stronger banking regulations and safeguards.

President Joe Biden has called for stricter banking regulations to safeguard the banking system following the collapse of Silicon Valley Bank and Signature Bank. The administration's proposed reforms include raising liquidity requirements for mid-sized banks, updating liquidity stress tests, increasing the frequency of stress tests, requiring mid-sized banks to submit plans to regulators explaining how they would close down in the event of failure, updating stress tests to account for novel situations, and limiting which banks must contribute to replenishing the Deposit Insurance Fund. Several of the proposals are already under consideration, and members of Congress have introduced bills to penalize bank executives and stabilize the financial system.