Biden urges Congress to crack down on executive compensation and penalties for bank failures.

President Joe Biden has called on Congress to give regulators more authority to claw back pay and penalize executives at distressed banks "whose mismanagement contributed to their institutions failing." He noted his powers to hold executives accountable were constrained by the law and asked Congress to step in. The president stressed the actions taken over the weekend were necessary to prevent further economic fallout but did not use taxpayer funds.