Biden seeks accountability for failed bank executives amidst political risks.

President Biden has called for tougher penalties for bank executives who drive institutions to failure through mismanagement. He stressed that no losses will be borne by taxpayers and that the US banking system is stable. Biden's statement comes after the collapse of Silicon Valley Bank and Signature Bank. Silicon Valley Bank, which mainly served tech startups, was the nation's 16th largest bank when it was shut down by California regulators. The FDIC took over the bank's operations following a liquidity crisis as depositors rushed to withdraw their money amid a panic over the bank's health.