The FDIC, facing almost $23 billion in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation’s biggest banks

The FDIC, facing almost $23 billion in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation’s biggest banks, per Bloomberg.

Per Bloomberg: The agency has said it plans to propose a so-called special assessment on the industry in May to shore up a $128 billion deposit insurance.

Biden asked 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.

Read more: https://unusualwhales.com/news/biden-asks-congress-to-give-fdic-more-authority-to-fine-bankers-from-failed-banks-clawback-their-executive-pay-and-bar-them-from-the-industry