Washington: US President Joe Biden told Congress on Friday that it should get "tougher" on executives from failed banks to make sure that "no one is above the law."
"Congress must act to impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing," he said in a statement.
Sudden failures of Silicon Valley Bank and Signature Bank in the United States have set off jitters in financial markets across the United States and Europe.
The Biden administration moved rapidly to prevent immediate contagion from the two collapses, but the White House says that more stringent regulations opposed by many Republicans in Congress are needed to ensure longer term stability.
"I'm firmly committed to accountability for those responsible for this mess. No one is above the law -- and strengthening accountability is an important deterrent to prevent mismanagement in the future," Biden said in the statement.
"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."