Welcome to Closing Bell. I'm Scott Wopner live from Post 9 right here at the New York Stock Exchange.

This make-or-break hour begins with more failure fallout for the banks, for the Fed,

and of course for your money. Here is your scorecard with 60 minutes to go in regulation

NASDAQ leading again there it is two-thirds of 1% tech continues to head higher

more broadly stocks up for most of the day the The S&P, though losing some steam is yet another Fed Prez signals.

More rate hikes are needed at the next meeting in May. The regional banks sinking on those headlines a bit as well.

And that leads us to our talk of the tape.

Banks under the microscope and new questions over whether they'll soon be under tighter

regulations.

The Biden administration now calling for just that late this afternoon,

only adding to pressure on that space.

For more, let's welcome in the Star Banking analyst

Mike Mayo of Wells Fargo Securities.

He's made his way here to Post Nine.

It's good to see you. you especially on this day you just published a note on the back of the White House proposals no big surprises

You think this is okay what they're proposing?

Let me pull the lens out for a moment here.

The banking industry has gone from blinking red lights to blinking yellow lights.

The issues about big bank solvency and liquidity I think are mostly done.

So now we can just talk about earnings, which earnings are an issue, but we're getting out of that

bank crisis phase to more of one bank recession.

The other important point here is that how fast the regulators have turned this around.

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