U.S. President Joe Biden on Friday called on Congress to give regulators greater power over the banking sector, including leveraging higher fines for managers, clawing back executives' compensation and barring officials from failed banks, according to a statement released by the White House.
"No one is above the law," Biden said in the statement, "and strengthening accountability is an important deterrent to prevent mismanagement in the future."Specifically, Biden is asking Congress to give the Federal Depository Insurance Corp greater authority to claw back compensation, "including gains from stock sales – from executives at failed banks like Silicon Valley Bank and Signature Bank," the White House said in a second statement.CEO Greg Becker sold $3.
The president is also asking Congress to give the FDIC more authority to ban bank executives from the industry when their banks go into receivership, and to fine bank managers whose banks fail. Separately, the 2010 Dodd-Frank financial reform law also directed regulators to draft new rules aimed at ensuring banker pay packages do not encourage them to take on unnecessary risk. But that multiagency effort has been stalled for years.
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