Failed Bank Executives Accountability and Consequences Act

This bill would let the FDIC, when it takes over a failed bank or financial company, recover pay received by current or former executives and directors whose negligence caused the institution financial loss. Recovery would cover pay from the 2 years before the takeover, with no time limit in cases of fraud. The bill would let federal banking agencies move to bar a person from working in banking if they negligently caused loss to a failed bank. It would also set daily civil fines for executives and directors who caused losses to a failed bank, with higher fines for knowing or reckless conduct.

Full text and official record on Congress.gov

Sponsors

• Maxine Waters Democrat sponsor
• 0 cosponsors