U.S. President Joe Biden delivers remarks at the Boys and Girls Club of West San Gabriel Valley on March 14, 2023 in Monterey Park, California.Mario Tama | Getty ImagesPresident Joe Biden called on Congress to give regulators more authority to claw back pay and penalize executives at distressed banks “whose mismanagement contributed to their institutions failing.””No one is above the law – and strengthening accountability is an important deterrent to prevent mismanagement in the future,” Biden said in a statement Friday. “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.”Biden noted his powers to hold executives accountable were constrained by the law and asked Congress step in.”Congress must act to impose tougher penalties for senior …
