Biden pushes tougher penalties for executives after bank closures

President Joe Biden called on Congress to authorize tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing.

Details: In a fact sheet, Biden urged Congress to expand the FDIC’s authority to:

• Claw back compensation from executives at failed banks.

• Bar executives from holding jobs in the banking industry when their banks enter receivership.

• Fine executives of failed banks.