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Joe Biden: Urges Congress to give more powers to regulators

The president of the USA Joe Biden urged today the Congress to give to the regulatory authorities greater powers as far as the banking sector is concerned. According to a statement released by the White House, the broadest powers would be the ability to enforce higher finesthe recovery of funds and the exclusion from the industry of executives of failed banks.

No one is above the law” Joe Biden said in this announcement, expressing the belief that “the strengthening of accountability it is an important deterrent to avoid cases of mismanagement in the future.” “Current legislation limits the government’s power to hold bank executives accountable.”

In a second announcement, Mr White House reports that Biden is asking the Congress to give the FDIC (Federal Deposit Insurance Corporation) the ability to recover compensations – including the profits from the sale of shares – received by them executives of failed bankssuch as Silicon Valley Bank and Signature Bank.

The president is also asking Congress to give the FDIC broader powers powers, so that it can exclude from the banking sector the executives of failing banks and impose fines on the directors of those banks.

Source: News Beast

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