President Biden is urging Congress to pass legislation that would increase accountability for bank executives whose actions lead to bank failures.
The move comes after recent collapses of banks such as Silicon Valley Bank, Signature Bank, and Protect Banking.
The White House has outlined three goals for the legislation, including enhanced abilities for regulators to claw back compensation from executives, greater authority for the FDIC to ban executives from holding banking jobs, and expanded authority for the FDIC to bring fines against bank executives.
President Biden has stated that no one is above the law and that strengthening accountability is crucial to preventing mismanagement in the future.
The announcement coincides with President Biden’s upcoming visit to Capitol Hill for the Friends of Ireland luncheon, where he will stand alongside Republican House Speaker Kevin McCarthy.