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Illustration: Lazaro Gaimo/Axios Visuals

The Federal Reserve Board and the Federal Deposit Insurance Corporation found shortcomings in the exit strategies — or "living wills" — of six of the eight largest banks in the U.S., it said on Tuesday.

Why it matters: These living wills dictate how big banks handle bankruptcy during financial distress — or a financial crisis. Bank of America and Wells Fargo are among those currently unable to prove that their top decision-makers can confidently act on crisis-level exit strategies.

What the Fed found: The following banks have shortcomings or weaknesses in their ability to reliably produce data needed to execute their living wills in stressed conditions:

  • Bank of America
  • Bank of New York Mellon
  • Citigroup
  • Morgan Stanley
  • State Street
  • Wells Fargo

Yes, but: The Federal Reserve did not find shortcomings in plans from Goldman Sachs and J.P. Morgan Chase. Shortcomings are not as serious as outright "deficiencies," which could result in "more stringent capital and liquidity requirements," the Wall Street Journal reports.

  • "Fed officials have grown increasingly confident that big U.S. banks are safer than they were in 2008, when the financial crisis exposed significant weaknesses in their risk management," per the WSJ.
  • The bank regulators also noted on Tuesday that Morgan Stanley, Bank of America, Wells Fargo, and Goldman Sachs have successfully addressed previous shortcomings outlined in 2017.

What's next: Each of the six banks with shortcomings or weaknesses must submit a plan to address the issues to the Fed and the FDIC by March 31.

Go deeper: Big American banks are doing quite well in 2019

Go deeper

28 mins ago - Health

CDC prepares tougher testing rules for international travelers

Travelers with their luggage arrive at a COVID-19 testing location at the airport in Los Angeles, Calif., on Nov. 23, 2021. Photo: Frederic J. Brown/AFP via Getty Images

The Centers for Disease Control and Prevention said Tuesday night that it is working to impose stricter testing requirements for international travelers due to the spread of the new Omicron variant.

The big picture: The new rules would require all international travelers, regardless of vaccination status, to show a negative test taken a day before their flight to the U.S. Currently, the CDC says fully vaccinated travelers are allowed to show a test taken no more than three days before their departure, AP reports.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.

Electric car prices could go up before they come down

Illustration: Eniola Odetunde/Axios

The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.

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