U.S. Senate Banking Committee Chairman Demands Big Banks be Held Accountable

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U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement Friday after the Biden Administration announced new accountability measures for executives of failed big banks:

“Working people and small businesses have been forced to pay the price for executives’ arrogance and recklessness too many times before. We need stronger rules to rein in risky behavior and catch incompetence,” said Brown. “Our job on our committee is oversight, and we will be looking at all the ways we can protect working families’ money from risky bets that didn’t pay off in Silicon Valley or on Wall Street. That includes holding accountable the executives who ran this bank into the ground and the regulators tasked with overseeing them, and it includes working to reform our laws to better protect workers, small businesses, and taxpayers from corporate greed.”

On Friday, President Joe Biden addressed the issue of executive accountability in the banking industry after a series of bank failures due to mismanagement and excessive risk-taking. Citing the limits of his administration’s authority, he stressed the need for Congressional action to impose tougher penalties on bankers and senior executives who bear responsibility for these failures. Biden suggested that clawbacks of compensation, civil penalties, and even bans from future work in banking should all form part of the enforcement mechanism necessary to prevent such mismanagement in the future.

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