Only to a point. In the Adjust category of effects, you'll find several video effects for correcting lighting and color.
But naturally these can't improve color where there is none. So, if your video is over-exposed to the point of being washed out or white, there's nothing that can be done to recover it. Sorry.
Unfortunately, overexposure is limited, as Steve points out, as there is no data to process. Underexposure is easier to deal with, as one does have data to use. Now, and though it is a bit easier, than overexposure, there are still limits, and to get good clean footage, might take a lot of work, plus maybe even a video-noise removal Effect, like Neat Video. Having really good exposure is obviously the way to go.