Biden calls on Congress to tighten laws to claw back executive pay, levy penalties in bank failures
Publishing timestamp: 2023-03-17 16:32:17
Summary
President Biden has called on Congress to give regulators more authority to penalize executives at distressed banks whose mismanagement contributed to their institutions failing. He is asking Congress to broaden the Federal Deposit Insurance Corporation's ability to claw back compensation from executives at failed banks and expand its authority to bar executives whose banks are under receivership from working in the banking sector and bring fines against executives of failed banks. The article also discusses the recent failures of Silicon Valley Bank and Signature Bank and the actions taken by federal bank regulators to guarantee deposits. Members of Congress are currently weighing a number of legislative proposals intended to prevent future bank failures.
Sentiment: NEUTRAL
Keywords: markets, banks, economy, politics, joe biden, svb financial group, business news, signature bank, u.s. economy,