Bipartisan group of senators introduces legislation to give regulators the authority to claw back executive compensation and bonuses from failed banks, following the collapse of Silicon Valley Bank and Signature Bank this month.
Democrats Elizabeth Warren of Massachusetts and Catherine Cortez-Masto of Nevada, and Republicans Josh Hawley of Missouri and Mike Braun of Indiana are proposing a bill dubbed thewhich would mandate that federal regulators return to a bank all or part of the compensation its executives had received in the five years leading up to a bank’s failure.
During the hearing, Cortez-Masto raised concerns about SVB and Signature Bank executives taking bonuses in the days leading up the banks’ collapse. In a statement to NBC News, Cortez-Masto said it is “unacceptable” for executives at SVB or any other major financial institutions to"pay themselves millions in bonuses while running their banks into the ground.”
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