President of the U.S.A Joe Biden today called on Congress to give regulators greater powers in the banking sector, such as allowing imposition of higher finesto recover funds and remove bankrupt bankers from the industry, according to a statement released by the White House.

“No one is above the law,” the Democratic president said in a statement, expressing his belief that “increasing accountability is an important deterrent to future mismanagement.”

He recalled that the current legislation “restricts the government’s right to hold the heads” of banks accountable.

Specifically, Biden Asks Congress to Provide FDIC (Federal Deposit Insurance Corporation) Indemnification Possibility – including profits from the sale of shares – received by the heads of bankrupt banks, such as Silicon Valley Bank and Signature BankThis is stated in the second statement of the White House.

The President is also asking Congress to give the FDIC greater powers so that it can keep the heads of bankrupt banks out of the banking industry and impose fines on the managers of those banks.

APE-MEP-Reuters-AFP