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Banker Accountability: Fund for Fines and Deposit Protection.

This new law aims to protect citizens' money in banks and reduce the risk of financial crises. It requires large financial institutions to defer a portion of high-earning employees' compensation into a special fund. Money from this fund will be used to cover fines for misconduct or to protect customer deposits in case of bank failure, before public funds are utilized.
Key points
A portion of high-earning bank employees' compensation will be set aside in a special fund.
This fund will be used to cover fines imposed on banks for mismanagement or breaking the law.
In case of bank failure, money from the fund will be used to reimburse customer deposits before public funds are used.
This aims to discourage risky behavior and protect citizens' savings.
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Expired
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Additional Information
Print number: 118_HR_4084
Sponsor: Rep. Tlaib, Rashida [D-MI-12]
Process start date: 2023-06-13
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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

FAIR Fund Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4084.

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 2023-06-13.

What are the main provisions?

Key points include:

  • A portion of high-earning bank employees' compensation will be set aside in a special fund.
  • This fund will be used to cover fines imposed on banks for mismanagement or breaking the law.
  • In case of bank failure, money from the fund will be used to reimburse customer deposits before public funds are used.
  • This aims to discourage risky behavior and protect citizens' savings.
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. Tlaib, Rashida [D-MI-12].

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