US President Joe Biden is calling on Congress to make it easier for regulators to punish failed bank executives, including recouping profits from stock sales and banning them from working in the banking industry.
Biden said he was “firmly committed to holding accountable those responsible for this mess,” in a statement released Friday, a week after the Silicon Valley Bank collapsed.
“No one is above the law – and strengthening accountability is an important deterrent to preventing mismanagement in the future,” the president added.
Biden said, “When banks fail due to mismanagement and excessive risk-taking, it should be easier for regulators to claw back executive compensation, impose civil penalties and ban leaders again to work in the banking sector.”