“No one is above the law,” the Democratic president said
The president of USA Joe Biden urged Congress today to give regulators greater powers over the banking sector, including the ability to impose higher fines, recover capital and bar executives from failed banks, according to a statement released by the White House .
“No one is above the law” the Democratic president said in that announcement, expressing his belief that “strengthening accountability is an important deterrent to avoid instances of mismanagement in the future».
The current legislation “limits the government’s power to hold executives accountableof the banks, he reminded.
Specifically, Biden is asking Congress to give the FDIC (Federal Deposit Insurance Corporation) the ability to recoup compensation — including profits from stock sales — received by executives of failed banks such as Silicon Valley Bank and Signature Bank. , the White House said in a second statement.
The president is also asking Congress to give the FDIC broader powers so that it can bar the executives of failing banks from the banking industry and impose fines on the managers of those banks.
Source :Skai
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
