WASHINGTON – President Joe Biden on Friday requested Congress to develop the federal authorities’s capacity to maintain executives accountable for financial institution collapses, saying he does not have the authority he should reply to the latest failures at Silicon Valley financial institution and Signature financial institution.
“The regulation limits the administration’s authority to maintain executives accountable,” Biden mentioned in a press launch. “Congress should act to impose tougher penalties for senior financial institution executives whose mismanagement contributed to their institutions failing.”
Biden mentioned it should be simpler to:
- Claw again compensation from executives, collectively with positive elements from inventory gross sales;
- Impose civil penalties;
- Ban executives from working inside the banking enterprise as quickly as extra when their banks enter receivership.
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