118th Congress Finance and Financial Sector
S. 1181: Bank Management Accountability Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill expands the ability of financial regulators to recover compensation from senior executives or directors at failed banks and financial institutions and to impose bans on their future participation at any financial company.
The bill authorizes the Federal Deposit Insurance Corporation (FDIC) to recover compensation paid to certain current or former senior executives or directors of an insured depository institution for which FDIC is a receiver or conservator.
If a current or former senior executive or director is substantially responsible for the failed condition of the insured depository institution, FDIC may recover any compensation received during the 2-year period prior to FDIC appointment as receiver or conservator of the insured depository institution, except for cases of fraud, where no time limit shall apply.
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The bill also (1) prohibits liability insurance policies from covering such compensation, and (2) authorizes FDIC to prohibit any further participation by those individuals in the affairs of any financial company for not less than 2 years.
Finally, the bill expands the authority of the Board of Governors of the Federal Reserve System and the FDIC to ban senior executives at systemically important financial institutions in receivership from participating for 2 years in the affairs of any financial company. Specifically, the bill removes the requirement that, to be subject to such a ban, the violation must involve personal dishonesty or demonstrate willful or continuing disregard for the company's safety and soundness.
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
- Charles Grassley R-IAOriginal
- Mark Warner D-VA
- Robert Menendez D-NJ
- Tina Smith D-MN
- Jon Tester D-MT
Who scored on this bill
- 1John Reed SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by John Reed.
Show the full action history (3 actions)
- Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-441.
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1212-1213)