S 1045
Failed Bank Executives Clawback Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Failed Bank Executives Clawback Act, aims to prevent executives of failing banks from receiving excessive compensation. It strengthens the Federal Deposit Insurance Corporation’s (FDIC) ability to recover bonuses, salaries, and other financial rewards paid to individuals deemed responsible for a bank’s problems, particularly over the past five years. The legislation also expands the FDIC’s authority to recoup compensation in various situations and clarifies that holding company creditors and shareholders are responsible for losses when an insured bank is closed down.
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Primary sponsor
Cosponsors
Mike Braun
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