S 2190
Recoup act of 2023
Recoup Act of 2023
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Recovering Executive Compensation Obtained from Unaccountable Practices Act (RECOUP Act) aims to increase accountability for senior executives at failing banks and bolster financial stability. It grants federal banking agencies expanded authority to recoup bonuses, profits, and severance pay from executives whose negligence or misconduct contributed to an institution’s failure, particularly within the 24 months leading up to the collapse. The bill also establishes stricter governance standards for banks, increases penalties for violations, and requires regular reports from banking agencies and inspectors general to enhance transparency and oversight.
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Primary sponsor
Sherrod Brown
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