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Failed Bank Executives Clawback Act

USA118th CongressS-1790| Senate 
| Updated: 6/1/2023
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (12)
Mike Braun (Republican)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)J. D. Vance (Republican)Mark R. Warner (Democratic)Chris Van Hollen (Democratic)Kevin Cramer (Republican)John Fetterman (Democratic)Tina Smith (Democratic)Josh Hawley (Republican)Robert Menendez (Democratic)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs 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 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.
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Timeline
Apr 27, 2023

Latest Companion Bill Action

HR 118-2972
Introduced in House
Jun 1, 2023
Introduced in Senate
Jun 1, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • April 27, 2023

    Latest Companion Bill Action

    HR 118-2972
    Introduced in House


  • June 1, 2023
    Introduced in Senate


  • June 1, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • S 118-1045: Failed Bank Executives Clawback Act
  • HR 118-2972: Failed Bank Executives Clawback Act

Failed Bank Executives Clawback Act

USA118th CongressS-1790| Senate 
| Updated: 6/1/2023
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.
View Full Text

Suggested Questions

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

Timeline
Apr 27, 2023

Latest Companion Bill Action

HR 118-2972
Introduced in House
Jun 1, 2023
Introduced in Senate
Jun 1, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • April 27, 2023

    Latest Companion Bill Action

    HR 118-2972
    Introduced in House


  • June 1, 2023
    Introduced in Senate


  • June 1, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (12)
Mike Braun (Republican)Katie Boyd Britt (Republican)Catherine Cortez Masto (Democratic)J. D. Vance (Republican)Mark R. Warner (Democratic)Chris Van Hollen (Democratic)Kevin Cramer (Republican)John Fetterman (Democratic)Tina Smith (Democratic)Josh Hawley (Republican)Robert Menendez (Democratic)Raphael G. Warnock (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • S 118-1045: Failed Bank Executives Clawback Act
  • HR 118-2972: Failed Bank Executives Clawback Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted