Biden will announce $ 1.1 Billion in funding for financial industry companies and a $250 million grant for an industry-funded research initiative, the White House announced Tuesday.
Biden will also announce $2 billion for a new tax credit for small businesses and $400 million to help banks avoid litigation by paying for arbitration and mediation.
The new funding is expected to help the financial industry survive the financial crisis.
In January, Biden signed an executive order directing the Treasury Department to create a new Financial Industry Regulatory Authority (FINRA), which would be an agency that would be charged with regulating financial companies.
Biden and other top administration officials have said they believe the regulatory authority will be a powerful tool to help prevent future financial crises.
“Today’s announcement is the culmination of a decade of work to ensure that financial industry regulation is robust and accountable,” Biden said in a statement.
“As we move forward, I’m confident that the president will lead a broad coalition of business leaders, consumer advocates, economists, and others to strengthen the financial services sector to provide the stability and predictability that is the cornerstone of a successful economy.
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Biden has also been working to build support for a tax credit program to help financial companies with losses on their businesses, which he has been calling for for years.
In January, he signed an order directing Treasury to create FINRA, a regulatory agency that could oversee the financial sector.
Biden has said that the new agency will be charged “with protecting the public from financial abuses and fraud and providing regulators with tools to protect consumers, small businesses, and investment.”