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00:00Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this. We'll do whatever is needed. I'm going to ask Congress, the banking regulators to strengthen the rules for banks to make it less likely. This kind of bank failure would happen again to protect American jobs and small businesses. Joining us now, Bloomberg's Annmarie Horden Emery. What's the scuttlebutt on what that other stronger bank regulations could actually take the form of? Well, it's not going to happen in this divided Congress, is it? Alex, you have the Republicans holding onto the House. And if last week was any foreshadowing of what they wanted, terms of regulation, you saw their questions to Fed Chair Jay Powell and it was warning about too strong of capital requirements on banks. We should also note what the president was talking about. There was this easing of some regulation for these smaller mid-sized banks in 2018. It was a law that president down Trump when he signed it, was talking about this bipartisanship it brought because 17 Democrats signed up for that easing of these smaller lenders. So it does not look like if there was to be stronger regulation, it would have the support that the president needs because of the Republicans in the House, but also because of some Democratic lawmakers as well. So that's one thing. The president's main objective today was really try to make sure that this idea that this could be called a bailout was something that American everyday Americans would get, was getting an explanation from him that he how he's explaining it. It was not a bailout because the money is coming from the FDIC and that money is due from their levies on banks. All depositors, though, Amari, are now protected. Is that the message that we can take away from this? Is that the big shift that we are now seeing here, regardless of how much money you've got in the bank, the federal government's got you back? Pretty much this sets a brand new precedent in Washington with these regulators that it really doesn't matter what the threshold is in terms of the insurance. What they've said last night was that all money will be returned. All depositors, as you said, guy, will be protected. So this was the first key point the president went through when he gave this speech. His second was about the fact that doesn't want any anyone to think that this is taxpayer dollars. He also said that the managers of these banks will be fired. And then lastly, he says investors in the banks will not be protected. So what they're trying to map this out to the world is really talking about something called a bail in rather than a bail out.

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Biden Says He'll Push for More Bank Regulation

With the collapse of Silicon Valley Bank and Signature Bank, President Joe Biden said he would ask Congress and banking regulators “to strengthen the rules for banks to make it less likely this kind of bank failure would happen again, and to protect American jobs and small businesses.” Bloomberg's Annmaire Hordern reports. (Source: Bloomberg)

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