Senators overseeing the banking industry are taking their first step in an attempt to punish executives who preside over failures like Silicon Valley Bank. In addition to salaries, executives could be forced to forfeit profits from the sale of bank stock.
The bill also triples to $3 million the civil penalty that regulators could assess on an executive who “recklessly” violates the law or engages in “unsafe and unsound practices.”
“Americans have watched executives take their money, run banks into the ground, and get away with it too many times before,” Brown said in a statement. “It’s time for CEOs to face consequences for their actions, just like everyone else.”Financial regulators continue to investigate the collapse of Silicon Valley Bank, whose failure rattled the sector and led to federal intervention.
Goldman Sachs acknowledged in a May filing that it is “cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries” into Silicon Valley Bank’s collapse. SVB’s collapse came a few years after it embarked on push for rapid growth. An April 28 report from the Federal Reserve placed the bulk of the blame for the bank’s crash on lax oversight by regulators and mismanagement by executives. It also
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