Biden requires more durable penalties for failed financial institution executives

President Joe Biden on Friday known as on US lawmakers to “make it simpler for regulators to gather compensation from executives, impose civil penalties and bar executives from ever working within the banking trade once more.”

His place comes after regulators shut down Silicon Valley Financial institution SIVB in latest days.

and New York’s Signature Financial institution SBNY,
-22.87%,
and after main banks made an unprecedented $30 billion deposit at First Republic Financial institution on Thursday.