White House pushes stronger regional bank rules without Congress

'No need for congressional action in order to authorize the agencies to take any of these steps,' said White House official

White House. Credit: iStock Photo

The Biden administration proposed a list of new measures Thursday that it says can be done without Congress, including telling midsized banks to hold more liquid assets, increase their capital, submit to regular stress tests and write "living wills" that detail how they can be wound down.

"These are all actions that can be taken under existing law and as a result, there's no need for congressional action in order to authorize the agencies to take any of these steps," said a senior White House official.

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