118th Congress Finance and Financial Sector
S. 2190: RECOUP Act of 2023
Reported
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes additional authorities for federal banking agencies and sets forth requirements for insured depository institutions with assets over a specified amount to address their safety and soundness.
In the event of institutional failure, the bill establishes the authority to recover from a senior executive bonus compensation and profits from the sale of securities received during the 24-month period preceding the failure. Federal banking authorities also have the authority at an institution of any size to remove from office a senior executive in cases of gross negligence, breach of fiduciary duty, or failure to carry out specified responsibilities.
The bill also requires depository institutions and depository institution holding companies to adopt governance and accountability standards that promote safety and soundness, responsiveness to supervisory matters, and responsible management.
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In addition, the bill increases the cap on civil penalties for associated violations. It also expands certain violations to cover senior executives who recklessly (instead of knowingly) violate the law.
Finally, the bill requires various reports. Federal banking agencies must publish a report after the failure of an institution. The Board of Governors of the Federal Reserve System must report semiannually on the supervisory and regulatory policies and actions of the Board. After an insured depository institution enters receivership, the inspector general of the appropriate federal regulator must report on the regulator's supervisory performance with respect to that institution.
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.
Who scored on this bill
- 1Sherrod Brown SponsorIntroduced, reported2 events+20
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Sherrod Brown.
Show the full action history (6 actions)
- Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-496.
- Introduced in Senate
- Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Brown. Without written report.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 115.