A bipartisan group of senators introduced legislation to give regulators the authority to claw back executive compensation and bonuses from failed banks following the collapses 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 the Failed Bank Executives Clawback Act, which 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. READ MORE