Biden Calls For Crackdown On Senior Bank Executives

  • The Biden administration asserted that members of Congress should increase federal authority to “hold senior management accountable when their banks fail” or enter into the control of the FDIC.
  • White House officials said that the government-backed corporation should have additional powers to seize executive compensation and benefits, noting that former Silicon Valley Bank CEO Greg Becker sold more than $3 million in shares days before the bank collapsed.
  • “The FDIC only has clawback authority under the Dodd-Frank Act’s special resolution authority, which applies to the very largest financial institutions,” a statement from the White House said.
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