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WASHINGTON – President Joe Biden on Friday asked Congress to expand the government’s ability to hold executives accountable for bank collapses, saying he doesn’t have the authority he needs to respond to the recent failures at Silicon Valley Bank and Signature Bank.
“The law limits the administration’s authority to hold executives responsible,” Biden said in a statement. “Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing.”
Biden said it should be easier to:
- Claw back compensation from executives, including gains from stock sales;
- Impose civil penalties;
- Ban executives from working in the banking industry again when their banks enter receivership.
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