Biden Calls For Crackdown On Senior Bank Executives
View Source | March 17, 2023 3:08 pm
- 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.
Click to read full article
Go back home
Share This Article: