[Congressional Record Volume 170, Number 90 (Thursday, May 23, 2024)]
[House]
[Page H3488]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  HOLDING BANK EXECUTIVES ACCOUNTABLE

  (Ms. TLAIB asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. TLAIB. Madam Speaker, after the 2008 financial crisis, Congress 
tasked our financial regulatory agencies with implementing a rule that 
bans pay packages for bank executives that incentivize excessive risk-
taking. More than 13 years later, we are still waiting for this rule to 
be finalized. As the banking failures last year proved, these 
incentives continue to pose a serious threat to our financial system.
  That is why I introduced the FAIR Fund Act, which requires large 
financial institutions to defer a portion of the executive compensation 
that would get paid out, unless there was misconduct or some sort of 
firm failure, after a period of between 2 and 8 years, depending on the 
size of the institution. In the case of misconduct or failure, deferred 
funds would be used to cover the costs of any fines levied on the bank 
and make depositors whole.
  I urge my colleagues to help us hold these bank executives 
accountable. This is a huge financial risk that we continue to have not 
only on small businesses but retirees and so many others that are 
directly connected to the risk-taking and very negligent actions by 
bank executives.

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