- 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.
Reuters — Politics — Banking Regulation — Finance — Regulation — Economy
Biden takes aim at failed bank executives' pay, asks Congress to act
President Biden urges Congress to give regulators greater power over the banking sector, calling for higher fines, claw back of compensation and bar officials from failed banks.