U.S. Sen. Mark R. Warner (D-VA) has joined a group of colleagues to introduce legislation that would authorize efforts to recoup executive pay when a bank failure occurs.
Bill proponents noted the Failed Bank Executives Clawback Act would, among other provisions, require the Federal Deposit Insurance Corporation (FDIC) to regain up to three years of compensation received by bank executives, board members, controlling shareholders and other key decision makers. READ MORE