Biden vowed to hold people accountable for the bank failures. But on Friday, he said the current law limits his administration's power to hold executives responsible.
. But on Friday, he said the current law limits his administration's power to hold executives responsible.Top executives from the banks were fired. But on Friday, Biden said the current law limits his administration's power to hold executives responsible in these kinds of events.
For example, Biden wants Congress to make it easier for the Federal Deposit Insurance Corporation to claw back compensation from mid-sized banks. Currently, the FDIC has this power only for the major Wall Street banks. The White House noted"No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future," Biden said in the statement.
Congress is divided on what actions to take after the bank failures. Some lawmakers have said regulators missed red flags. Others blame a Trump-era rollback of regulations for mid-size banks, and have signed on to Democrat-led bill to repeal those changes. It's likely congressional banking committees will hold hearings on the bank collapses; the Department of Justice has launched an
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