{"id":1953930,"date":"2023-06-22T09:35:02","date_gmt":"2023-06-22T13:35:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-banking-committee-advances-bill-to-claw-back-bank-executive-pay\/"},"modified":"2023-06-22T09:36:27","modified_gmt":"2023-06-22T13:36:27","slug":"senate-banking-committee-advances-bill-to-claw-back-bank-executive-pay","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-banking-committee-advances-bill-to-claw-back-bank-executive-pay\/","title":{"rendered":"Senate Banking Committee Approves Bill to Recover Bank Executives&#8217; Compensation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsenate-banking-committee-advances-bill-to-claw-back-bank-executive-pay%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1953930&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0622\/7703721a-b25d-4635-b675-052657c6d3c5\/audio.mp3?length=4128237&#038;duration=344\"><\/div>\n<\/p>\n<p>In a significant bipartisan move, the Senate Banking Committee has approved a bill that aims to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-banking-committee-advances-bill-to-claw-back-bank-executive-pay\/\" title=\"Senate Banking Committee Approves Bill to Recover Bank Executives' Compensation\">hold bank executives accountable<\/a> for their actions. The bill, known as the Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act, not only imposes fines for misconduct and restricts failed executives from working in the financial sector, but also grants the Federal Deposit Insurance Corporation (FDIC) new powers to claw back compensation for executives.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-begins-harpercollins-readying-release-of-peter-schweizer-blockbuster-investigation\/\" title=\"IT BEGINS: HarperCollins Readying Release of Peter Schweizer Blockbuster Investigation\">legislation received overwhelming support<\/a>, with a 21-2 vote in favor of passing the measure out of committee. Senate Committee Chair Sherrod Brown (D-Ohio) emphasized the importance of the bill, stating, &#8220;Bank executives who take on too much risk and crash their banks shouldn&#8217;t get to land on their feet, they shouldn&#8217;t get to keep the profits they made by making bad bets with other people&#8217;s money, and they shouldn&#8217;t get to take their bad behavior to another bank.&#8221;<\/p>\n<figure id=\"attachment_5056161\" style=\"width: 600px\" class=\"wp-caption alignnone\">\n\t\t<a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/02\/14\/GettyImages-1425557652-1200x800.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><br \/>\n\t\tSen. Sherrod Brown (D-Ohio) delivers remarks during a hearing on Russian sanctions on Capitol Hill in Washington on Sept. 20, 2022. (Kevin Dietsch\/Getty Images)<br \/>\n\t<\/figure>\n<p>Sen. Tim Scott (R-S.C.), the Ranking Member, called the bill a &#8220;commonsense solution to address executive accountability&#8221; that aims to protect U.S. taxpayers and limit government overreach.<\/p>\n<p>However, not all senators were in favor of the bill. Sen. Bill Hagerty (R-Tenn.) argued that it would make the biggest banks even bigger, while Sen. Thom Tillis (R-N.C.) believed it was too expansive.<\/p>\n<p>While the Senate has been considering a similar bipartisan bill, the RECOUP Act stands out for its specific provision that could increase congressional oversight of the Federal Reserve. This provision may attract support from House Republicans.<\/p>\n<h2>Capital Requirements Debate<\/h2>\n<p>Despite claims that the U.S. banking system is safe and resilient, there is an ongoing debate in Washington about implementing more rules and regulations on the finance sector. One concept being discussed is increasing capital standards for medium and large companies.<\/p>\n<p>Michael S. Barr, the Fed Vice Chair for Supervision, has been advocating for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ecb-climate-stress-test-flags-71-billion-risk-to-euro-zone-banks\/\" title=\"ECB climate stress test flags  billion risk to euro zone banks\">higher capital requirements<\/a> even before the recent failures of several financial institutions. He believes that larger, more complex banks pose the greatest risk and should have higher capital requirements to ensure their resilience.<\/p>\n<p>Fed Chair Jerome Powell, appearing before the House Financial Services Committee, explained that the process of implementing higher capital mandates is lengthy and would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senate-banking-committee-passes-bill-to-claw-back-bank-executive-pay\/\" title=\"Senate Banking Committee Approves Bill to Recover Bank Executives' Compensation\">primarily affect larger entities<\/a>.<\/p>\n<p>Overall, the RECOUP Act represents a significant step towards holding bank executives accountable and strengthening the financial sector.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a major bipartisan move, the Senate Banking Committee passed a bill to recover executive compensation from failed banks. The RECOUP Act aims to rein in the banking industry by imposing fines for misconduct and limiting their practices. This response is the most significant since the recent banking turmoil.<\/p>\n","protected":false},"author":278,"featured_media":1953931,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-1953930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1953930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1953930"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1953930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1953931"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1953930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1953930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1953930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}