President Joe Biden urged Congress to approve measures enacting tougher punishments on banking executives if mismanagement contributed to their institutions failing, following the recent collapse of three regional banks.
Biden said laws on the books currently limit the administration’s ability to hold executives accountable.
“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.
Source: Biden Seeks Tougher Penalties on Executives of Failed Banks – Bloomberg
