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ARTICLE · 28 APRIL 2023

The Banking System Needs Wholesale Reform, Not Biden's Proposal

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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In the wake of several recent bank failures, President Joe Biden has unsurprisingly called for tightening of regulatory controls on the US financial system, a move that many observers...

United StatesFinance and Banking
Yasho Lahiri
Yasho Lahiri
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Kramer Levin partner Yasho Lahiri reviews President Joe Biden's recent proposal for addressing holes in the US banking system, contending that deeper systemic reform is needed across agencies to prevent collapses from happening in the future.

In the wake of several recent bank failures, President Joe Biden has unsurprisingly called for tightening of regulatory controls on the US financial system, a move that many observers believe is desperately needed and sorely overdue.

I wholeheartedly agree changes are necessary, but here's a friendly reminder to the White House and others looking at regulatory reform: Attempting to regulate the US' vast, highly complicated financial system with its existing regulatory infrastructure is akin to trying to fight a modern war using cannons and communicating via carrier pigeons.

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