Senate Hearing Grills Bank Executives on Risk Management and Compensation
TL;DR Summary
Executives from two failed US banks appeared before the Senate Banking Committee to answer questions about their banks' collapse, executive pay, and risk management. Senators criticized the CEOs for receiving millions in compensation, mostly in company stock, before their banks failed. The anger over CEO pay echoes that of the 2008 financial crisis, and clawing back CEO pay has gained bipartisan attention. Four senators have introduced legislation that would give the FDIC authority to claw back any pay made to executives in the five years leading up to a bank's failure.
Topics:business#bank-failures#clawback-legislation#executive-pay#finance#risk-management#senate-hearing
- Heads of failed banks questioned on executive pay, how they handled risk at Senate hearing The Associated Press
- Senators blast former SVB chief over bonuses, stock sales Yahoo! Voices
- Silicon Valley Bank, Signature Bank executives face Senate over collapse MSNBC
- McHenry Delivers Opening Remarks at Hearing to Conduct Oversight of the Prudential Regulators House Financial Services Committee
- Sen. J.D. Vance on recent bank failures: FDIC 'changed the rules' in the middle of the game CNBC Television
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