Stocks fell Friday, ending the day lower as tumult in the banking sector continued to unnerve Wall Street.
Biden calls on Congress to expand FDIC's authorities to hold banking executives accountableUS President Joe Biden spoke about the US banking system on March 13 in the Roosevelt Room of the White House in Washington, DC.
“No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future. The law limits the administration’s authority to hold executives responsible,” Biden said in a statement issued Friday. “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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