US President Joe Biden has called on Congress to put in place tougher penalties for senior executives at failed banks as market turmoil continues in the wake of the Silicon Valley Bank crisis.
In a statement Friday, Biden said it should be easier for regulators to hold executives responsible for their actions.
“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,” he said.
"Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing."
This comes after the President said on Monday that “no one was above the law” and that “strengthening accountability is an important deterrent to prevent mismanagement in the future.”
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