WASHINGTON (Reuters) – U.S. President Joe Biden on Friday called on Congress to strengthen the powers of banking regulators, including allowing them to impose higher fines, recover funds and exclude executives of failing banks.

“No one is above the law,” said Joe Biden, according to a statement issued by the White House. “It is important that those responsible are held accountable in order to prevent mismanagement in the future.”

According to the US president, the current law “limits the authority of the administration and its ability to hold leaders accountable”.

Joe Biden has asked Congress to strengthen the powers of the Federal Deposit Insurance Corporation (FDIC), the federal deposit insurance authority, so that it can recover funds.

The White House said in a separate statement that the FDIC could notably recover “funds from stock sales made by the executives of bankrupt banks such as Silicon Valley Bank or Signature Bank”.

Joe Biden also urged Congress to bolster the authority of the FDIC so it can ban industry executives from continuing to work there when their banks go into receivership, and fine executives whose banks fail. .

(Reporting Jeff Mason and Costas Pitas, written by Susan Heavey and Heather Timmons; Camille Raynaud, editing by Jean-Stéphane Brosse)

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