President Biden urged Congress to pass legislation to increase the penalties on bank executives when mismanagement leads to bank failures.
President Biden on Friday urged Congress to pass legislation to increase the penalties on bank executives when mismanagement leads to bank failures.
"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," Biden said in a statement. Congress is divided on what actions to take after the bank failures. Some lawmakers have said regulators missed red flags. Others blame a Trump-era rollback of regulations for mid-size banks, and have signed on to Democrat-led bill to repeal those changes.
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