118th Congress Finance and Financial Sector
H.R. 4208: Failed Bank Executives Accountability and Consequences Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows the Federal Deposit Insurance Corporation (FDIC) to recover compensation from an executive officer or director of a failed financial company that is in receivership. Specifically, any current or former executive officer whose negligence caused financial loss to the company may have their compensation for the preceding two years clawed back by the FDIC. No time limit applies if the financial loss involves fraud.
In addition, federal banking agencies are allowed to prohibit a party from participation in the affairs of any bank if that party negligently caused financial loss to a failed bank.
The bill also establishes civil penalties for executive officers or directors who caused financial loss to a failed bank.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Joyce Beatty D-OHOriginal
- Emanuel Cleaver D-MOOriginal
- Al Green D-TXOriginal
- Sylvia Garcia D-TXOriginal
- Steven Horsford D-NVOriginal
- Brad Sherman D-CAOriginal
- David Scott D-GAOriginal
- Rashida Tlaib D-MIOriginal
- Nydia Velázquez D-NYOriginal
- Juan Vargas D-CAOriginal
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Other bills by Maxine Waters
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- H.R. 4544: American Access to Banking Act
- H.R. 1764: Aligning SEC Regulations for the World Bank’s International Development Association Act
- H.R. 3422: Promoting Opportunities for Non-Traditional Capital Formation Act
- H.R. 5523: Financial Access Improvements Act
- H.R. 7462: Wildfire Insurance Coverage Study Act of 2024
History
- Introduced in the House by Maxine Waters.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.