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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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Executive Accountability for Bank Failures

Executive Accountability for Bank Failures

by Starling Insights

Starling Insights Editorial Board

Feb 27, 2024

Observations

USA US FDIC Bank Failures Personal Liability & Accountability The Era of Accountability Regulatory Trends

In an opinion piece in the Washington Post earlier this month, Sheila Bair, past-Chair of the US Federal Deposit Insurance Corporation (FDIC), and Charles Goodhart, an Emeritus Professor in the Financial Markets Group at the London School of Economics, highlight the need for executive accountability for bank failures.

"While there were disagreements about the role that supervisory lapses and monetary policy played in the failures, there was consensus that these three banks were grossly mismanaged, failing in the most basic lessons of Banking 101," they write. However, despite indications that Congress would take action to hold executives accountable for such failures last year through the Senate's bipartisan Recoup Act, little progress has been made.

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