(Reuters) – A group of bank regulators appointed by U.S President Joe Biden is considering new rules which will require big regional banks to add financial cushions that can be used in times of crisis, the Wall Street Journal reported on Sunday.

The new steps include the regional banks raising long-term debt that will help absorb losses in cases of insolvency, the WSJ reported adding three people familiar with the matter.

The WSJ report comes over a week after U.S. Federal Reserve chief Michael Barr said that there soon may be tougher rules on large regional lenders after a ‘holistic’ review of bank capital requirements is concluded. (This story refiles to make clear WSJ attribution in headline)

(Reporting by Rachna Dhanrajani in Bengaluru, Editing by William Maclean)