Banks’ Robust Capital Mitigates Risks, Regulators Tell Biden
Rostin Behnam, acting chairman of the Commodity Futures Trading Commission, from left, Jerome Powell, chairman of the U.S. Federal Reserve, and Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation, walk to the West Wing of the White House in Washington, D.C., on June 21.
Photographer: Stefani Reynolds/BloombergWall Street regulators delivered a uniform message to President Joe Biden Monday: the huge capital buffers that banks built up over the pandemic are protecting the financial system from looming threats.
In a meeting at the White House, the heads of the Federal Reserve, Securities and Exchange Commission and other agencies told Biden that the financial system is doing well, according to a statement released by the administration. Among topics discussed were how to continue the economic recovery and extend credit to underserved communities.