US President Joe Biden saw two American banks collapse over the past week and another that was forced to accept a bailout. Now, he is calling on executives at failed financial institutions to be held accountable.

Biden released a statement on Friday urging Congress to make it easier for regulators to "claw back" compensation from leaders at failed banks. That includes gains from stock sales. The statement says current laws limit the authority of regulators to hold executives responsible.

Key managers at Silicon Valley Bank and Signature Bank have already been removed. Both firms are now under the control of regulators. And on Friday, officials at Silicon Valley Bank's parent company, the SVB Financial Group, filed for bankruptcy.

Biden wants regulators to be able to ban executives from returning to the banking industry. He also wants to be able to impose civil penalties.

On Thursday, Treasury Secretary Janet Yellen told the Senate Finance Committee that regulators "need to analyze carefully" what happened and re-examine their "rules and supervision." However, she stressed that the banking system is "sound."

Still, investors are wondering how the turmoil will affect next week's meeting of the Federal Reserve and whether it will prompt policymakers to scale back their interest-rate hikes.