Lawmakers are attempting to hold banking executives who oversee bank failures accountable, by giving regulators power to claw back compensation.
Allow regulators to remove senior banking executives who demonstrate misconduct in oversight, including failures to apply risk controls and breaches of fiduciary duty. It would also give regulators the discretion to ban these executives from the industry.
Require banks to adopt enforcement of responsible management bylaws, including allowances for the bank's board or the Federal Deposit Insurance Corporation to claw back compensation an executive received in the two years before a bank's failure. Boost regulatory control over penalties for executives who break the law and increase the maximum civil penalty for the worst violations.Scott said the bill is a "commonsense solution to address executive accountability."The RECOUP Act is one of several bills introduced in recent months targeting regulatory and management lapses that led to failures like those of Silicon Valley Bank and Signature Bank earlier this year.
with Democratic Sen. Catherine Cortez Masto, of Nevada, and Republican Sens. Josh Hawley, of Missouri, and Mike Braun, of Indiana. Released in March, the bill calls for clawbacks of all or part of the compensation received by bank executives during the five years preceding a bank failure, compared with two years of clawbacks under the RECOUP Act.
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