Biden calls on Congress to give regulators authority to clawback exec. compensation

Yahoo Finance2023-03-18

President Biden is calling on Congress to give regulators the authority to clawback executive compensation in the wake of a string of bank failures. "When banks fail due to mismanagement and excessive...

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REUTERS/Evelyn Hockstein\n \n\n  Evelyn Hockstein / reuters\n \n\nBiden's comments come after the president said Monday \"no one is above the law\" and those responsible for the failures should be held accountable.\nSenate Banking Committee Chair Sherrod Brown (D-OH) is also calling for stronger rules to rein in risky behavior of banks, and said he and the committee will look at ways to hold executives accountable.\n\"We need stronger rules to rein in risky behavior and catch incompetence,\" said Brown. \"Our job on our committee is oversight, and we will be looking at all the ways we can protect working families' money from risky bets that didn’t pay off in Silicon Valley or on Wall Street.\"\nHouse Financial Services Ranking Member Maxine Waters is also working on legislation to strengthen the administration's authorities.\nWaters, along with Senator Elizabeth Warren (D-MA), have called for clawbacks of executive compensation. Both have blamed a Trump-era rollback of capital requirements for small and mid-sized banks for the bank failures. Warren, along with Rep. Katie Porter (D-CA), has introduced legislation to repeal those changes.\nThe actions come as reports surface that Silicon Valley Bank's CEO cashed out of stock and stock options just weeks before the bank failure.\nOfficials are trying to contain problems from the failure of Silicon Valley bank and Signature Bank from rippling through the banking system and infecting other banks.\nLate last Sunday night, the Treasury Department, along with the FDIC and Federal Reserve, announced it would backstop all deposits at Silicon Valley Bank, as well as seize Signature Bank, as cracks in the financial system rocked markets.\nTreasury Secretary Yellen said during testimony before the Senate Finance Committee on Thursday policymakers need to examine the liquidity requirements needed for a bank with such heavy reliance on uninsured deposits that are runnable.\nClick here for the latest economic news and economic indicators to help you in your investing decisions\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2320087588"}