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Biden demands harsher punishments for bank execs who commit crimes

In an effort to crack down on financial misconduct and protect consumers, Biden has called for tougher penalties for failed bank executives. This call for tougher penalties would include criminal charges for financial misconduct, as well as stronger civil penalties for bank executives who fail to protect the public’s money. Biden also called for an end to the “revolving door” between government and banking, which allows former bank executives to return to the banking industry after leaving government service.

Biden said that the current system has “failed the American people” and that the government must “protect the public’s money and ensure banks are accountable to their customers.” Biden’s call for tougher penalties follows a number of scandals involving banks, including Wells Fargo and Deutsche Bank.