S. 1790 · 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
WarrenSponsor12 cosponsors · 7 D, 5 R
R
Braun
KB
R
Britt
KC
R
Cramer
CC
D
Cortez Masto
JF
D
Fetterman
JH
R
Hawley
BM
D
Menendez
TS
D
Smith
CV
D
Van Hollen
JD
R
Vance
RW
D
Warnock
MW
D
Warner12 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 from specific responsible parties in case of a large insured depository institution's insolvency, resolution, or receivership.
What it does: CRS summary · Introduced in Senate · Jun 1, 2023
Failed Bank Executives Clawback Act
This bill requires the Federal Deposit Insurance Corporation (FDIC) to claw back compensation from specific responsible parties in case of a large insured depository institution's insolvency, resolution, or receivership. This clawback requirement applies to an entity (including a director, shareholder, or other person who participates in the conduct of the institution's affairs) that caused more than a minimal financial loss to, or a significant adverse effect on, the insured depository institution. The compensation subject to the clawback requirement includes salary, bonuses, awards, and any profits realized from the buying or selling of securities during the preceding three years.
The bill also expands the authority of the FDIC to claw back compensation of parties responsible for financial losses incurred by a financial company regardless of the process by which it is appointed receiver.
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 (Jun 1, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 1, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.