Biden calls for tougher penalties for execs of failed banks

President Biden is calling on Congress to crack down on executives of failed banks. The president wants to allow regulators to impose tougher penalties. For example, Mr. Biden proposes that the Federal Deposit Insurance Corporation be able to force the return of compensation paid to executives at a broader range of banks should they fail. Currently, the FDIC can only take back the compensation of executives at the nation’s largest banks. He also wants lawmakers to lower the threshold for regulators to impose fines and bar executives from working at another bank.