President Joe Biden on Monday said he would ask Congress and regulators to strengthen the requirements for small banks, such as Silicon Valley Bank, after a bipartisan 2018 law eased them.
Biden’s remarks sharpen scrutiny of the 2018 law that has come under attack from some Democrats in Congress following a run on Santa Clara, Calif.-based SVB and the shuttering of Signature Bank in New York by state regulators. Banking regulators Sunday said they would step in to ensure customers of both banks could get their deposits.
[Regulators to protect SVB, Signature depositors, but no bailout]
