Biden moves to roll back Trump-era bank deregulation

President Joe Biden is calling on independent federal regulators to reinstate "commonsense safeguards" rolled back by former President Donald Trump that administration officials say are partially to blame for the recent failures of Silicon Valley Bank and Signature Bank.

After stepping in to protect assets at Silicon Valley Bank, the president said he was committed to "continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," and White House officials claimed that the reforms Biden requested Thursday would help community banks avoid failing in future.