He wants Congress to levy legal and monetary penalties.
President Biden has urged federal legislators to pass legislation for regulators that would hold the executives of failed banks accountable in the wake of bank collapses that have occurred across the last week. He said Congress needs to make it easier for regulators to assess civil penalties on executives, to ban them from working in the banking sector ever again, or drawback compensation.
He said the law should expand the power of the Federal Deposit Insurance Corporation to hold leaders of collapsed institutions accountable. “No one is above the law — and strengthening accountability is an important deterrent to prevent mismanagement in the future,” President Biden stated. “Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institution failing.”
Members of the Senate, led by Elizabeth Warren of Massachusetts, are also seeking more severe penalties for bank executives whose actions contribute to collapse.
As the Lord Leads, Pray with Us…
- For the president and his advisers as he seeks to hold banking executives accountable.
- For members of Congress as they consider the president’s request for legislation that addresses bank failures.
- For Senator Warren to seek God’s leading as she promotes additional penalties for executive officers of collapsed banks.
Sources: Washington Times, Wall Street Journal
