H.R. 4208 · 118th Congress
Failed Bank Executives Accountability and Consequences 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
WatersSponsor10 cosponsors · 10 D
D
Beatty
EC
D
Cleaver
AG
D
Green
SG
D
Garcia
SH
D
Horsford
BS
D
Sherman
DS
D
Scott
RT
D
Tlaib
NV
D
Velázquez
JV
D
Vargas10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows the Federal Deposit Insurance Corporation (FDIC) to recover compensation from an executive officer or director of a failed financial company that is in receivership.
What it does: CRS summary · Introduced in House · Jun 20, 2023
Failed Bank Executives Accountability and Consequences Act
This bill allows the Federal Deposit Insurance Corporation (FDIC) to recover compensation from an executive officer or director of a failed financial company that is in receivership. Specifically, any current or former executive officer whose negligence caused financial loss to the company may have their compensation for the preceding two years clawed back by the FDIC. No time limit applies if the financial loss involves fraud.
In addition, federal banking agencies are allowed to prohibit a party from participation in the affairs of any bank if that party negligently caused financial loss to a failed bank.
The bill also establishes civil penalties for executive officers or directors who caused financial loss to a failed bank.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Failed Bank Executives Accountability and Consequences Act
Latest action (Jun 20, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 20, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.