3.0.0 2972 2024-07-24T15:22:27Z 2024-07-24T15:22:27Z House H HR 2023-04-27 118 [Congressional Record Volume 169, Number 71 (Thursday, April 27, 2023)][House][Pages H2087-H2088]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. PORTER:H.R. 2972.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18[[Page H2088]]The single subject of this legislation is:To amend the Federal Deposit Insurance Act to clarify thatthe Federal Deposit Insurance Corporation and appropriateFederal regulators have the authority to claw back certaincompensation paid to executives.]]> hsba00 Financial Services Committee House Standing Referred to 2023-04-27T13:08:15Z Failed Bank Executives Clawback Act 118 1045 S 2023-05-17 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Failed Bank Executives Clawback Act 118 1790 S 2023-06-01 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2023-04-27 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2023-04-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-04-27 Introduced in House IntroReferral 1000 9 Library of Congress P000618 Rep. Porter, Katie [D-CA-47] Katie Porter D CA 47 N S000929 Rep. Spartz, Victoria [R-IN-5] Victoria Spartz R IN 5 2023-04-27 True G000574 Rep. Gallego, Ruben [D-AZ-3] Ruben Gallego D AZ 3 2023-04-27 True B001297 Rep. Buck, Ken [R-CO-4] Ken Buck R CO 4 2023-04-27 True G000600 Rep. Perez, Marie Gluesenkamp [D-WA-3] Marie Perez D WA Gluesenkamp 3 2023-04-27 True Finance and Financial Sector Finance and Financial Sector 2023-05-11T13:31:08Z 00 2023-04-27 Introduced in House 2024-01-08T16:18:37Z Failed Bank Executives Clawback Act

This bill requires the Federal Deposit Insurance Corporation (FDIC) to claw back compensation paid to certain responsible parties when an insured depository institution or financial company is placed into FDIC receivership. 

Specifically, all or part of the compensation paid the previous five years to an institution-affiliated party substantially responsible for the condition of the institution must be paid to FDIC to prevent unjust enrichment and to assure that the party bears losses consistent with their responsibility. Compensation includes salary, bonuses, awards, and profits from buying or selling securities.

Finally, the bill establishes that an insured depository institution's holding company is liable to the FDIC for payments to insured depositors, the FDIC's receiver costs, and interest when the institution is under FDIC receivership.

]]> Failed Bank Executives Clawback Act Display Title 45 Failed Bank Executives Clawback Act 2024-07-24T15:22:27Z Short Title(s) as Introduced 101 Failed Bank Executives Clawback Act 2024-05-24T13:40:27Z Introduced in House IH Official Title as Introduced 6 To amend the Federal Deposit Insurance Act to clarify that the Federal Deposit Insurance Corporation and appropriate Federal regulators have the authority to claw back certain compensation paid to executives. 2024-03-18T20:41:33Z Introduced in House IH Introduced in House 2023-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr2972ih/xml/BILLS-118hr2972ih.xml 2023-04-27 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.