The America's Next Top Model host declared that it was a positive step that she supports during a television interview.
Banks said: "It's been an unspoken rule, in my opinion and a lot of models' opinions, that the fashion industry says, 'It's okay to be as skinny as you can, just as long as you can stand up and walk and not faint.' "
The fashion magazine made a promise earlier this month that it will not hire models who are "under the age of 16 or who appear to have an eating disorder".
Banks added: "The fact that Vogue is making that mandate is the beginning of something huge."
The 38-year-old wrote an open letter to The Daily Beast on Tuesday (May 15) praising the publication for their decision, expanding on her original comments during Good Morning America today.
She also revealed she mentors a lot of girls who work for magazines and would cry to her about their bodies changing and being told they need to wear a smaller size.
Banks confessed: "I tell them to start diversifying their career and start thinking about the end of the beginning. Sometimes I talk about certain nutrition. But now, I love that I'm not going to be getting that call as much.
"I think there's a message to young girls too. Little girls are looking at these things and it's so important for their mothers to explain to them that things are retouched and these girls aren't necessarily eating healthy.
"That girl needs to close that magazine and her mum needs to help her with her self-esteem to say she's good enough."