Biden calls for tougher penalties for executives at failed banks

President Joe Biden on Friday called for U.S. lawmakers to make it “easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again.”

His position comes after regulators in recent days closed down Silicon Valley Bank
SIVB,

and New York’s Signature Bank
SBNY,
-22.87%,
as well as after big banks on Thursday made an unprecedented $30 billion deposit at First Republic Bank.