Lawmakers open to Biden’s call to claw back SVB executive pay
WASHINGTON — President Joe Biden’s call for legislation that would allow regulators to claw back executive bonuses and stock sale proceeds in the lead up to the Silicon Valley Bank collapse has found a receptive audience on Capitol Hill.
Democrats and Republicans are unlikely to come together to tighten bank regulations following the collapse of SVB of Santa Clara, California, and Signature Bank of New York City, but members of both parties say they’re open to legislation that would punish executives for their role in the bank failures.
