Even with the implementation of these changes, banks today are better capitalized, with more liquidity, and are subject to a new range of supervisory tools that did not exist prior to 2008. This paints a picture of a banking system that is not only strong today but is well prepared to continue supporting the provision of credit and the broader economy.
Calls for radical reform of the bank regulatory framework—as opposed to targeted changes to address identified root causes of banking system stress—are incompatible with the  14 See Federal Deposit Insurance Corporation, “Options for Deposit Insurance Reform” (Washington: Federal Deposit Insurance Corporation, May 1, 2023), https://www.fdic.gov/analysis/options-deposit-insurancereforms/report/options-deposit-insurance-reform-full.pdf. Economic Growth, Regulatory Relief, and Consumer Protection Act, Public Law No. 115-174, 132 Stat. 1296 (2018).