June 18, 2024

Taylor Daily Press

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US President Biden calls for harsher penalties for bankruptcy |  outside

US President Biden calls for harsher penalties for bankruptcy | outside

US President Joe Biden wants to punish the top executives of the failed banks more harshly. He urges Congress to pass more stringent measures. This decision comes after the bankruptcy of several regional banks in the United States in recent days.

I am determined to hold those responsible for this mess to account. No one is above the law and increasing accountability is an important way to deter mismanagement,” Biden said.

The president believes that the law is currently too restrictive and that senior bank executives are not being held accountable enough. “If banks fail due to mismanagement and excessive risk, it should become easier for the authorities to impose compensation on managers, impose fines and permanently ban managers from working in the financial sector,” said the president.

look. The collapse of US banks is sending fear into stock markets

The US Silicon Valley Bank (SVB) crashed last week after the bank ran, as customers wanted to withdraw their capital en masse. In the end, it was found that the bank could not get enough cash to meet the demands and the authorities closed it down. The FDIC has designated the federal public service, which provides insurance to customers, as the administrator.

Authorities also intervened in the industrial peer-to-peer bank Signature on Sunday by shutting down the cryptocurrency bank from New York. Customers of both banks recovered all their balances. Usually, customers’ deposits with US banks amounting to $250,000 are guaranteed to be returned.

There were major turbulences in the stock markets due to the problems in the banks.

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