- President Biden calls on Congress for greater regulatory power over banking sector.
- Seeks higher fines for managers, claw back of executives' compensation and barring officials from failed banks.
- Asks for expansion of FDIC's authorities to expressly cover cases like Silicon Valley Bank's CEO stock sales.
- Democrats applaud the statement, unclear if there is bipartisan support in Congress.
Biden takes aim at failed bank executives' pay, asks Congress to act
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.
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