US president Joe Biden is asking on Congress to make it simpler for regulators to punish executives at failed banks, together with by clawing again earnings from share gross sales and banning them from working within the banking trade.

Biden stated he was “firmly dedicated to accountability for these answerable for this mess,” in an announcement launched on Friday, one week after the collapse of Silicon Valley Financial institution.

“Nobody is above the legislation — and strengthening accountability is a crucial deterrent to stop mismanagement sooner or later,” the president added.

Biden stated: “When banks fail as a result of mismanagement and extreme danger taking, it needs to be simpler for regulators to claw again compensation from executives, to impose civil penalties, and to ban executives from working within the banking trade once more.”