FAIR Fund Act of 2023
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Progress
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- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The FAIR Fund Act of 2023 aims to hold financial executives accountable for risky behavior by requiring large financial institutions to set aside a portion of their senior employees’ compensation in a dedicated fund. This fund would first be used to pay any civil or criminal fines levied against the institution, and if funds remain, they would be used to reimburse depositors in the event of a bank failure. The bill also establishes rules for determining how much compensation is deferred and how long the deferment period lasts, aiming to prevent excessive executive pay during times of financial misconduct.
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