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High Taxes on Bonuses and Stock Profits of Failing Bank Executives.

This law imposes extremely high tax rates (90% or 100%) on bonuses and stock profits received by executives of banks that failed and were taken over by the FDIC. The goal is to recover these funds and return them to the Deposit Insurance Fund, which protects citizens' savings. This applies only to high-earning executives who received these payments within 60 days before the bank's collapse.
Key points
A 90% tax rate on bonuses and a 100% tax rate on stock sale profits for executives of banks placed under FDIC receivership.
The increased tax applies specifically to payments and sales made within 60 days prior to the bank's failure.
Revenue generated is intended to replenish the Deposit Insurance Fund, which secures customer deposits.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_1654
Sponsor: Rep. Schiff, Adam B. [D-CA-30]
Process start date: 2023-03-17
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

DEPOSIT Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1654.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-17.

What are the main provisions?

Key points include:

  • A 90% tax rate on bonuses and a 100% tax rate on stock sale profits for executives of banks placed under FDIC receivership.
  • The increased tax applies specifically to payments and sales made within 60 days prior to the bank's failure.
  • Revenue generated is intended to replenish the Deposit Insurance Fund, which secures customer deposits.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schiff, Adam B. [D-CA-30].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Economy