White House: Banks Better Off After Reform

U.S. banks are in better shape due to reforms and steps to boost capital levels since the 2008 financial crisis, the White House said on Friday, but it declined comment on a credit rating downgrade of some of the country's largest financial firms.

"What I can say is that the American banking system today is stronger and more stable as a result of the president's efforts to push for strong reforms in the Dodd-Frank legislation," White House spokesman Josh Earnest told reporters traveling with President Barack Obama to Florida.