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Washington: US President Joe Biden advised Congress on Friday that it ought to get “more durable” on executives from failed banks to guarantee that “nobody is above the legislation.”
“Congress should act to impose more durable penalties for senior financial institution executives whose mismanagement contributed to their establishments failing,” he stated in a press release.
Sudden failures of Silicon Valley Financial institution and Signature Financial institution in the US have set off jitters in monetary markets throughout the US and Europe.
The Biden administration moved quickly to stop rapid contagion from the 2 collapses, however the White Home says that extra stringent rules opposed by many Republicans in Congress are wanted to make sure long run stability.
“I’m firmly dedicated to accountability for these accountable for this mess. Nobody is above the legislation — and strengthening accountability is a crucial deterrent to stop mismanagement sooner or later,” Biden stated within the assertion.
“When banks fail attributable to mismanagement and extreme threat taking, it needs to be simpler for regulators to claw again compensation from executives, to impose civil penalties, and to ban executives from working within the banking business once more.”
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