Biden asks Congress to give FDIC more authority to fine bankers from failed banks, clawback their executive pay, and bar them from the industry.
"No one is above the law," Biden said in the statement, "and strengthening accountability is an important deterrent to prevent mismanagement in the future."
The current law "limits the administration’s authority to hold executives responsible," he said.
"The President urges Congress to expand the FDIC’s authorities to expressly cover cases like this" the White House statement said, citing Becker's stock sales.
Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
This was part of their trading plans, the 10-51-b plans.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.
Silicon Valley Bank has collapsed, the largest bank since 2008.
Read more: https://unusualwhales.com/news/numerous-corporate-executives-sold-silicon-valley-bank-sivb-stock-before-the-collapse
