White House says regulators have the tools needed for banking disruptions

ABOARD AIR FORCE ONE (Reuters) – U.S. financial regulators have the tools they need to deal with disruptions and supervise banks, and President Joe Biden is confident in the steps he has taken so far, the White House said on Monday.

White House national security adviser Jake Sullivan said Biden will discuss those measures with British Prime Minister Rishi Sunak when the two leaders meet in California.

White House spokesperson Karine Jean-Pierre told reporters aboard Air Force One the U.S. Treasury is working with bank regulators on next steps. “This is not a bailout,” she said.

(Reporting by Steve Holland and Trevor Hunnicutt; Editing by Chris Reese)