WASHINGTON, April 28 (Reuters) - The Federal Reserve
Board's independent review of Silicon Valley Bank's collapse
reinforces the need for "the commonsense regulatory and
supervisory reforms" that President Joe Biden has advocated,
White House spokesperson Michael Kikukawa said on Friday.
"The weakening of safeguards and supervision for large
regional banks in the previous administration should be reversed
to strengthen the banking system and protect American jobs and
small businesses,” he added.
The Fed on Friday published a detailed and scathing
assessment of its failures to identify problems and push for
fixes at SVB before the bank collapsed on March 10, and called
for stricter rules for banks.
(Reporting by Andrea Shalal; Editing by Leslie Adler)
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