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Biden Asks Congress for More Authority to Punish Bank Executives
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WASHINGTON—President Biden called on Congress to toughen penalties on bank executives deemed responsible for the collapse of financial institutions, as the administration seeks to shore up confidence in the banking system following the failure of two midsize lenders and the bank-led rescue of a third.
“When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again,” Mr. Biden said in a statement.
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