President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader systemic crisis.
"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.
"I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," Biden said. The changes to the Dodd-Frank Act pushed by Republicans raised the threshold at which banks are considered systemically risky and subject to stricter oversight to $250 billion from $50 billion. Silicon Valley bank had $209 billion in assets at the end of last year.
"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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