Mr. President, I want to say a very special thank-you to Chairman Wyden for coming here tonight to talk about the consequences of default. Our whole Nation needs to tune in and pay attention to this because this is literally about the…

We need legislation to expand the banking agencies' authority to ban a bank executive or manager from the industry for failing to properly oversee the bank's operations.

Bank executives who take on too much risk and crash their banks because of their own hubris and greed should not get to ride off into the sunset with their ill-gotten gains.

We need legislation to expand the banking agencies' authority to ban a bank executive or manager from the industry for failing to properly oversee the bank's operations.

Congress needs to put in place tough rules that make sure that executives pay up when their actions lead directly to a bank failure.

Bank executives who take on too much risk and crash their banks because of their own hubris and greed should not get to ride off into the sunset with their ill-gotten gains.

We need to strengthen our financial watchdogs' ability to impose fines, ban bad actors from the banking industry, and claw back compensation.

We cannot--we will not--let that happen again.

You know, it is clear that giving regulators power to do something is not always enough. Congress needs to force regulators to use it, which is what Senators Cortez Masto, Hawley, Braun's and my bill does.

We need to strengthen our financial watchdogs' ability to impose fines, ban bad actors from the banking industry, and claw back compensation.

SVB, Signature Bank, and First Republic all lobbied Congress to weaken the guardrails, preventing them from making risky bets with depositors' money.