H.R. 2972 · 118th Congress
Failed Bank Executives Clawback Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PorterSponsor4 cosponsors · 2 D, 2 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Federal Deposit Insurance Corporation (FDIC) to claw back compensation paid to certain responsible parties when an insured depository institution or financial company is placed into FDIC receivership.
What it does: CRS summary · Introduced in House · Apr 27, 2023
Failed Bank Executives Clawback Act
This bill requires the Federal Deposit Insurance Corporation (FDIC) to claw back compensation paid to certain responsible parties when an insured depository institution or financial company is placed into FDIC receivership.
Specifically, all or part of the compensation paid the previous five years to an institution-affiliated party substantially responsible for the condition of the institution must be paid to FDIC to prevent unjust enrichment and to assure that the party bears losses consistent with their responsibility. Compensation includes salary, bonuses, awards, and profits from buying or selling securities.
Finally, the bill establishes that an insured depository institution's holding company is liable to the FDIC for payments to insured depositors, the FDIC's receiver costs, and interest when the institution is under FDIC receivership.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Failed Bank Executives Clawback Act
Latest action (Apr 27, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.