NEW: Biden asks Congress for tougher laws to hold bank execs accountable
President Biden at an event in Monterey Park, Calif., on Tuesday. Photo: Allen J. Schaben / Los Angeles Times via Getty ImagesWhy it matters:and Signature Bank were both taken over by the FDIC in the last week — events that threatened to grow into a larger-scale banking crisis.that sat in plain sight."I'm firmly committed to accountability for those responsible for this mess," Biden said.
"No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future." "The law limits the administration’s authority to hold executives responsible. 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."to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing," Biden said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Biden administration threatens to ban TikTok ban if company doesn't divestTikTok’s global CEO will testify on Capitol Hill next Thursday. Democrats and Republicans are expected to grill the executive on the company’s data collection practices.
Baca lebih lajut »
Congress must hold to account those responsible for Silicon Valley Bank collapseOne of the benefits of being a Washington insider, from the president of the United States to the lowliest bureaucrat, is never having to admit your policies were wrong.
Baca lebih lajut »
Yellen tells Congress that U.S. banking system still ‘sound’ after collapse of Silicon Valley BankTreasury Secretary Janet Yellen told lawmakers Thursday that the nation’s banking system “remains sound” and that Americans shouldn’t worry about their deposits, a week after the second-largest bank collapse in U.S. history.
Baca lebih lajut »
Biden still undecided on COVID bill that passed Congress unanimouslyPresident Biden is still making up his mind about signing legislation calling for the declassification of information on the origins of COVID-19.
Baca lebih lajut »
GOP pilots in Congress call on Biden to withdraw his ‘entirely unqualified’ FAA nominationFourteen GOP lawmakers who have flown airplanes called on Biden to withdraw his FAA nominee because he has 'zero aviation experience' at a time of crisis for FAA.
Baca lebih lajut »
Biden administration stonewalls Congress on nearly all frontsThree months into the new Congress, House Republicans have followed through on their pledge to investigate a wide range of Biden administration actions. Biden's officials, however, have refused to cooperate on virtually every front.
Baca lebih lajut »