Biden Calls For Tougher Penalties For Failed Bank Execs

By ZEKE MILLER (AP White House Correspondent) WASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry. Biden wants the Federal Deposit Insurance Corporation to be able to force the return of compensation paid to executives at a broader range of banks should they fail, and to lower the threshold for the regulator to impose fines and bar executives from working at another bank. He called on Congress to grant the FDIC those powers after the failures of Silicon Valley Bank and Signature Bank sent shockwaves through the global banking industry. “Strengthening accountability is an important deterrent to prevent mismanagement in the future,” Biden said in a statement.

BING NEWS:
  • CFPB sues Comerica Bank over allegations of failing disabled and older Americans
    Regional lender Comerica Bank faces allegations it systematically mistreated millions of mostly disabled and older customers and could pay penalties under new civil enforcement action, the U.S.
    12/6/2024 - 4:41 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More News