President Biden called on Congress to toughen penalties on bank executives deemed responsible for the collapse of financial institutions, as the administration seeks to shore up confidence in the banking system following the failure of two midsize lenders and the bank-led rescue of a third, the Wall Street Journal reported. “When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators to claw back compensation from executives, to impose civil penalties, and to ban executives from working in the banking industry again,” Biden said in a statement. Biden stopped short of proposing an overhaul of federal rules for banks. Administration officials said the president and his advisers are weighing additional regulatory and legislative recommendations in response to the crisis, but the officials didn’t offer a timeline for when they might be unveiled. The president has called for a full accounting of the bank collapses. Many congressional lawmakers have said they want to know more about the banks’ decisions and the actions of bank examiners before tackling new legislation.