Biden Seeks Tougher Penalties on Executives of Failed Banks (1)

President Joe Biden urged Congress to approve measures enacting tougher punishments on banking executives if mismanagement contributed to their institutions failing, following the recent collapse of three regional banks.

“I’m firmly committed to accountability for those responsible for this mess. No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future,” Biden said in a statement on Friday. “Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing.”

Watch: Silicon Valley Bank’s former parent company, SVB Financial Group, filed for bankruptcy.

Source: Bloomberg

The failures of Silvergate Capital Corp., Silicon Valley Bank and Signature Bank have ...