Biden calls on Congress to impose tougher penalties on executives of failed banks -
The president said lawmakers should pass legislation that would make it easier for regulators to assess civil penalties on executives, ban them from working again in the banking sector and claw back compensation.
“No one is above the law — and strengthening accountability is an important deterrent to prevent mismanagement in the future,” Mr. Biden said in a statement. Following the closure of Silicon Valley Bank and Signature Bank this week by regulators aiming to prevent financial chaos, Senate Democrats have pushed for tougher penalties for bank executives whose actions contribute to a collapse.
Sen. Elizabeth Warren, Massachusetts Democrat, has been leading the charge, arguing that Trump-era bank regulation rollbacks let executives at SVB and Signature make risky investments with weak oversight.
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