President Biden Urges Congress to Hold Bank Executives Accountable for Mismanagement
U.S. President Joseph R. Biden urged Congress "to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." He is expected to announce Administration actions to address the financial fallout of the recent bank failures today.
In a White House statement, President Biden said that he stood "firmly committed to accountability" following the recent closure of Silicon Valley Bank and Signature Bank. He said that "no one is above the law" and that creating accountability is an "important deterrent" to dissuade future mismanagement.
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In a joint statement, the U.S. Treasury, the FDIC and the Federal Reserve Board announced that all depositors, both insured and uninsured, of Silicon Valley Bank and Signature Bank, would be made whole for their deposits.
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In a Financial Institution Letter, the FDIC told counterparties and service providers to the recently failed Silicon Valley Bank, N.A. and Signature Bank, N.A. that (i) they remain obligated to the successor bridge banks of the two failed banks and (ii) they must meet their contractual obligations to the bridge banks.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr will lead a review of the supervision and regulation of Silicon Valley Bank following its recent failure.