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Failed Bank Executives Clawback Act

USA118th CongressHR-2972| House 
| Updated: 4/27/2023
Katie Porter

Katie Porter

Democratic Representative

California

Cosponsors (4)
Ruben Gallego (Democratic)Marie Gluesenkamp Perez (Democratic)Victoria Spartz (Republican)Ken Buck (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Apr 27, 2023
Introduced in House
Apr 27, 2023
Referred to the House Committee on Financial Services.
Jun 1, 2023

Latest Companion Bill Action

S 118-1790
Introduced in Senate
  • April 27, 2023
    Introduced in House


  • April 27, 2023
    Referred to the House Committee on Financial Services.


  • June 1, 2023

    Latest Companion Bill Action

    S 118-1790
    Introduced in Senate

Finance and Financial Sector

Related Bills

  • S 118-1790: Failed Bank Executives Clawback Act
  • S 118-1045: Failed Bank Executives Clawback Act

Failed Bank Executives Clawback Act

USA118th CongressHR-2972| House 
| Updated: 4/27/2023
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 27, 2023
Introduced in House
Apr 27, 2023
Referred to the House Committee on Financial Services.
Jun 1, 2023

Latest Companion Bill Action

S 118-1790
Introduced in Senate
  • April 27, 2023
    Introduced in House


  • April 27, 2023
    Referred to the House Committee on Financial Services.


  • June 1, 2023

    Latest Companion Bill Action

    S 118-1790
    Introduced in Senate
Katie Porter

Katie Porter

Democratic Representative

California

Cosponsors (4)
Ruben Gallego (Democratic)Marie Gluesenkamp Perez (Democratic)Victoria Spartz (Republican)Ken Buck (Republican)

Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 118-1790: Failed Bank Executives Clawback Act
  • S 118-1045: Failed Bank Executives Clawback Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted