US President Joe Biden has urged Congress to take action to impose tougher penalties on bank executives who have caused their institutions to fail.
Biden released a written statement on the subject.
Stating that they took steps to stabilize the banking system this week after bankruptcies in the country, Biden noted that taxpayers will not be able to cover any losses.
“Our banking system is more resilient and stable today, thanks to the actions we have taken,” Biden said. He said that Americans can access their deposits whenever they want.
Stating that “those responsible for this mess must be held accountable,” Biden said that managers should be held responsible for bankruptcies due to bad management and excessive risk taking.
“Congress should act to impose tougher penalties on top bank executives whose mismanagement contributed to the failure of their institutions,” Biden said. used the phrase. (AA)