Bill > HR2972

This bill aims to amend the Federal Deposit Insurance Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act to grant the Federal Deposit Insurance Corporation (FDIC) and other federal regulators the authority to claw back compensation paid to executives of failed banks and other covered financial companies. The bill defines "covered compensation" to include various forms of executive pay, such as salaries, bonuses, and equity-based compensation. The bill requires the FDIC to claw back all or part of such compensation received by executives who were substantially responsible for the condition of the failed institution, with the recovered funds deposited into the Deposit Insurance Fund or the U.S. Treasury's general fund. Additionally, the bill holds bank holding companies liable for any payments made from the Deposit Insurance Fund to insured depositors of their failed subsidiaries, as well as the FDIC's costs as receiver, with a lien placed on the holding company's assets to secure this liability.

Business and Industry

https://www.congress.gov/bill/118th-congress/house-bill/2972/all-info