Bipartisanship Alive in Bill to Claw Back Bank CEO Pay.
A bipartisan bill called the Recoup Act has been passed by the Senate Banking Committee, which would enable the Federal Deposit Insurance Corp to claw back pay from reckless executives in the two years before a bank's failure and impose a fine of up to $3 million. The penalties would only apply to a failed bank's senior executives. The bill seeks to add accountability to the FDIC's rescue of Silicon Valley Bank, Signature Bank, and First Republic Bank, each of which had more than $100 billion in assets when it went down.
