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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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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
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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.

CATEGORIES

Economy Courts and Law