Biden urges 'accountability' for executives of failed banks

United States President Joe Biden has called on Congress to tighten regulations to enable “accountability” for executives of failed banks that have been rescued by the government.

In a statement on Friday, Biden said leaders of banks that collapse “due to mismanagement and excessive risk taking” should face fines and bans from working in the industry.

He made the comments after two US financial institutions — Silicon Valley Bank (SVB) and Signature Bank — went bust, raising fears of a broader economic fallout similar to the 2008 financial crisis.

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