President Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of bankrupt banks, including recovering compensation and making it easier to ban them from working in the industry.

Biden wants the Federal Deposit Insurance Corp.

inaugural lecture

to enforce the return of compensation to executives from a wider range of banks if they fail, and to lower the threshold for the regulator to impose fines and ban executives from working at another bank.

He called on Congress to grant the FDIC those powers after the failures of Silicon Valley Bank and Signature Bank sent shockwaves through the global banking sector.

Strengthening accountability is an important deterrent to preventing mismanagement in the future, Biden said in a statement. Congress must act to impose tougher penalties on senior bank executives whose mismanagement contributed to the failure of their institutions.

Banks in crisis: what you need to know

Currently, the FDIC can

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recovery of executive compensation

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at the nation’s largest banks, and other punishments for executives requiring recklessness or acting with willful or persistent disregard for the health of their bank. Biden wants Congress to allow the regulator to impose penalties on negligent executives with a lower legal threshold.