After SVB's collapse, Biden calls on Congress to hold bank executives accountable for failures: 'No one is above the law'
President Joe Biden doesn't want to let bank executives off the hook for failures following the Silicon Valley Bank debacle.calling on Congress to"impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." The banking industry has fallen under intense scrutiny over the past week after federal regulators shut down Silicon Valley Bank and crypto-friendly Signature Bank.
"The law limits the administration's authority to hold executives responsible," he continued."When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again.
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