Biden says failed banks’ executives should be fined, banned, stripped of compensation

WASHINGTON (Reuters) -U.S. President Joe Biden on Friday called on Congress to give regulators greater power over the banking sector, including leveraging higher fines, clawing back funds and barring officials from failed banks, according to a statement released by the White House. “No one is above the law,” Biden said in the statement, “and strengthening accountability is an important deterrent to prevent mismanagement in the future.” The current law “limits the administration’s authority to hold executives responsible,” he said. Specifically, Biden is asking Congress to give the Federal Depo…

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