The House Financial Services Committee marked up legislation offered by Democrats to advance targeted reforms in response to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.
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A bipartisan group of Senators on the Banking, Housing and Urban Affairs Committee revised a bill to provide that "the Federal Deposit Insurance Corporation and appropriate Federal regulators have the authority to claw back certain compensation paid to executives."
The Senate Banking Committee considered testimony on legislative options for holding bank executives and regulators accountable following the failures of Silicon Valley Bank and Signature Bank.
Senators Elizabeth Warren (D-MA), Josh Hawley (R-MO), Mike Braun (R-IN), and Catherine Cortez Masto (D-NV) introduced a bill to "to clarify that the Federal Deposit Insurance Corporation and appropriate Federal regulators have the authority to claw back certain compensation paid to executives."
House Financial Services Committee Ranking Member Maxine Waters (D-CA) called on regulators to complete a “long over due” rulemaking on incentive based compensation following the closure of Silicon Valley Bank and Signature Bank.