Biden Eyes New Regulations As Congress Dives Into Silicon Valley, Signature Bank Failures

The exterior of the U.S. Department of Treasury building is seen on March 13, 2023, in Washington, DC. The collapse of Silicon Valley Bank and Signature Bank had make contributions to the interest rate hikes. NATHAN POSNER/BENZINGA

President Joe Biden is expected to tighten regulations on banks, prompted by the biggest banking collapse since the 2008 financial crisis.

According to a Washington Post report citing two people familiar with internal discussions, the Biden administration is gearing up to slap new rules on banks following the collapse of SVB Financial Group and Signature Bank.