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Financial Accountability: Executive Pay Fund for Bank Fines and Deposits

This new bill aims to increase accountability for senior employees of large financial institutions. A portion of their compensation will be deferred into a special fund, which will be used to pay civil or criminal fines levied against the institution or to cover depositor losses in case of bank failure. This seeks to protect citizens from the consequences of irresponsible actions in the financial sector.
Key points
A portion of senior financial employees' compensation will be deferred into a special fund.
This fund will be used to pay fines imposed on the institution or to cover depositor losses if the institution fails.
The goal is to discourage risky behavior and protect citizens' savings.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_4200
Sponsor: Rep. Tlaib, Rashida [D-MI-12]
Process start date: 2023-06-16
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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_4200.

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 2023-06-16.

What are the main provisions?

Key points include:

  • A portion of senior financial employees' compensation will be deferred into a special fund.
  • This fund will be used to pay fines imposed on the institution or to cover depositor losses if the institution fails.
  • The goal is 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