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Clawback of Executive Compensation from Failed Banks

This bill aims to allow the recovery of compensation from individuals responsible for bank failures. This will better protect the Deposit Insurance Fund, which safeguards citizens' savings. Citizens can feel more secure knowing that those responsible for bank mismanagement will face financial consequences.
Key points
Authorities will be able to reclaim salaries, bonuses, and other compensation from executives of failed banks.
Recovered funds will go into the Deposit Insurance Fund or the general Treasury fund.
Bank holding companies controlling failed banks will be liable for costs related to their insolvency, protecting taxpayer money.
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Status:
Expired
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Additional Information
Print number: 118_HR_2972
Sponsor: Rep. Porter, Katie [D-CA-47]
Process start date: 2023-04-27
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Failed Bank Executives Clawback Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2972.

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 2023-04-27.

What are the main provisions?

Key points include:

  • Authorities will be able to reclaim salaries, bonuses, and other compensation from executives of failed banks.
  • Recovered funds will go into the Deposit Insurance Fund or the general Treasury fund.
  • Bank holding companies controlling failed banks will be liable for costs related to their insolvency, protecting taxpayer money.
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. Porter, Katie [D-CA-47].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law