{"id":1900165,"date":"2023-03-17T12:42:51","date_gmt":"2023-03-17T16:42:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-biden-calls-for-harsher-penalties-on-banking-executives\/"},"modified":"2023-03-17T12:44:18","modified_gmt":"2023-03-17T16:44:18","slug":"svb-collapse-biden-calls-for-harsher-penalties-on-banking-executives","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-biden-calls-for-harsher-penalties-on-banking-executives\/","title":{"rendered":"SVB collapse: Biden calls for harsher penalties on banking executives"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsvb-collapse-biden-calls-for-harsher-penalties-on-banking-executives%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1900165&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"col-12 col-md-7 col-lg-8 col-xl-9 float-left body colgap-l-50\" itemprop=\"mainEntityOfPage\">\n<div class=\"ArticlePage-articleBodyWrapper\">\n<div class=\"ArticlePage-articleBody\" itemprop=\"articleBody\">\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79004943\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"$30 billion rescue of First Republic Bank announced by major banks\">               <meta itemprop=\"description\" content=\"A group of banks announced a $30 billion rescue of First Republic Bank on Thursday afternoon as part of efforts to stabilize the market. The rescue includes uninsured deposits ranging from $1 billion to $5 billion from 11 different banks, the institutions confirmed in a joint statement.\">               <meta itemprop=\"duration\" content=\"PT1M43S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-16 22:14:54\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1264063_th_1679004937.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1264063.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79004943\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264063\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">P<\/span>Joe Biden, resident, demanded harsher punishments for bank executives after the collapse of Silicon Valley Bank. <\/p>\n<p>Although he acknowledged his limitations under the existing law, the president urged Congress to increase penalties for leaders of bank failures. <\/p>\n<p><b>THE CLOCK IS TICKING BIDEN ON THE COVID-19 ORIGINS CLASSIFICATION BILL<\/b> <\/p>\n<p>&#8220;I&#8217;m firmly committed to accountability for those responsible for this mess,&#8221; The president made the statement in a statement. &#8220;No one is above the law \u2014 and strengthening accountability is an important deterrent to prevent mismanagement in the future.&#8221; <\/p>\n<p>To make this happen, however, legislative action is required. Biden called for Congress to take that action. <\/p>\n<p>&#8220;The law limits the administration&#8217;s authority to hold executives responsible. When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again. Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing,&#8221; He said. <\/p>\n<p>Since SVB collapsed one week ago, the president and top Democrats have supported new laws and increased banking regulations. California&#8217;s bank collapse has left the entire banking system on the edge of collapse. To stabilize the situation, drastic measures have been taken by both the public sector and the private sector. <\/p>\n<p><b>CLICK HERE TO READ MORE ABOUT THE WASHINGTON EXAMINER<\/b> <\/p>\n<p>Biden supported the decision to fully guarantee bank deposits at SVB, and stressed that the banking system was stable, despite the need for tighter regulations. <\/p>\n<p>&#8220;This week, we took decisive action to stabilize the banking system without putting taxpayer dollars at risk,&#8221; The president spoke. &#8220;That action was necessary to protect jobs and small businesses, and no losses will be borne by the taxpayers. Our banking system is more resilient and stable today because of the actions we took. On Monday morning, I told the American people and American businesses that they should feel confident that their deposits will be there if and when they need them. That continues to be the case.&#8221;<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read more from <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/biden-harsher-penalties-banking-executives\">SVB&#8217;s collapse: Biden calls to impose harsher penalties for bank executives<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden on Friday called for harsher penalties for banking executives in the wake of Silicon Valley Bank&#8217;s collapse. While acknowledging he is limited in what he can do under existing law, the president called on Congress to step up punishment for the leaders of failed banks. THE CLOCK IS TICKING FOR BIDEN ON<\/p>\n","protected":false},"author":1,"featured_media":1900166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[14689,3620,3755,7385,4363,22011,9637,21356],"class_list":["post-1900165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-banking","tag-biden","tag-calls","tag-collapse","tag-executives","tag-harsher","tag-penalties","tag-svb"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1900165"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1900166"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1900165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1900165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1900165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}