Wall 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 the topics discussed were how to continue the economic recovery and extend credit to underserved communities.
“The regulators reported that the financial system is in strong condition,” the White House said. “They further indicated that financial risks are being mitigated by robust capital and liquidity levels in the banking system, and healthy household balance sheets stemming from fiscal support and the ongoing economic recovery.”
Among the topics discussed was the Biden administration’s push to combat global warming and how financial regulators and banks can contribute to that effort. The SEC is working on a rule that would require public companies to disclose to investors how climate change affects their bottom lines, and bank watchdogs have put climate-related risks to the financial system atop their agendas.
The event marked Biden’s first face-to-face meeting with Fed Chair Jerome Powell. Also attending the meeting were Gary Gensler, head of the SEC; Rostin Behnam, acting chairman of the Commodity Futures Trading Commission; Dave Uejio, acting director of the Consumer Financial Protection Bureau; Jelena McWilliams, chairman of the Federal Deposit Insurance Corp.; and Michael Hsu, acting Comptroller of the Currency.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
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