• 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.

Tagged: Banks