{"id":1958639,"date":"2023-06-27T19:24:02","date_gmt":"2023-06-27T23:24:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pence-nonprofit-group-targets-tim-scott-and-sherrod-browns-bank-executive-clawback-bill\/"},"modified":"2023-06-27T19:25:41","modified_gmt":"2023-06-27T23:25:41","slug":"pence-nonprofit-group-targets-tim-scott-and-sherrod-browns-bank-executive-clawback-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pence-nonprofit-group-targets-tim-scott-and-sherrod-browns-bank-executive-clawback-bill\/","title":{"rendered":"Pence&#8217;s nonprofit takes aim at Scott and Brown&#8217;s bank clawback bill."},"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\">22<\/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%2Fpence-nonprofit-group-targets-tim-scott-and-sherrod-browns-bank-executive-clawback-bill%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=1958639&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--><h2>Former Vice President Mike Pence&#8217;s Advocacy Group Opposes Bipartisan Bill<\/h2>\n<p>Former Vice President Mike Pence&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/catholic-vote-president-government-has-no-authority-to-tell-americans-what-they-can-or-cannot-believe\/\" title=\"Catholic Vote President: Government Has \u2018No Authority\u2019 To Tell Americans \u2018What They Can Or Cannot Believe\u2019\">political advocacy group<\/a> is lobbying against a bipartisan bill that would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-biden-calls-for-harsher-penalties-on-banking-executives\/\" title=\"SVB collapse: Biden calls for harsher penalties on banking executives\">claw back compensation<\/a> from CEOs of banks that fail after it cleared the Senate Banking Committee last week.<\/p>\n<p>The <strong>RECOUP Act<\/strong>, led by Senate Banking Committee Chairman Sherrod Brown (D-OH) and ranking member Tim Scott (R-SC), would empower regulators to claw back bank executives\u2019 pay from the two years before their firm\u2019s collapse. In the event of a failure, executives might also be forced to hand over their bonuses and profits from the sale of bank stock.<\/p>\n<h3>Biden Tries to Shake Low Marks on Economy with &#8216;Bidenomics&#8217; Push<\/h3>\n<p>Advancing American Freedom, the 501(c)4 nonprofit group Pence founded in 2021, is calling the bill &#8220;Warren-lite,&#8221; a reference to Sen. Elizabeth Warren&#8217;s (D-MA) version of the legislation, which has the backing of Sen. J.D. Vance (R-OH).<\/p>\n<blockquote>\n<p>&#8220;The Brown-Scott clawback bill would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pence-nonprofit-group-targets-tim-scott-and-sherrod-browns-bank-executive-clawback-bill\/\" title=\"Pence's nonprofit takes aim at Scott and Brown's bank clawback bill.\">give bank regulators arbitrary authority<\/a> to claw back executive pay when banks fail but does nothing to hold regulators accountable for sleeping on the job,&#8221; the group said in a memo on the bill published Tuesday.<\/p>\n<\/blockquote>\n<p>The goal of both the Brown-Scott effort and the Warren-Vance bill is to prevent bank failures by disincentivizing executives from allowing their institutions to go under. The two Senate duos introduced their respective measures in the wake of Silicon Valley Bank\u2019s sudden failure, which led to the collapse of other financial institutions and caused havoc in the overall banking system.<\/p>\n<p>The AAF memo argued that the Brown-Scott legislation, which passed through the Banking Committee last week with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-debate-future-infrastructure-bills\/\" title=\"Lawmakers debate future infrastructure bills\">strong bipartisan support<\/a>, &#8220;serves as a vehicle for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vaccines-schools-and-racist-insurance-fact-checking-bidens-town-hall-claims\/\" title=\"Vaccines, Schools And Racist Insurance: \u2018Fact-Checking\u2019 Biden\u2019s Town Hall Claims\">progressive policy priorities<\/a>.&#8221; It also suggested that conservatives &#8220;should address and preempt the causes of bank failures, starting with the catastrophic mismanagement of the Fed. This should include heavy scrutiny of the Fed\u2019s dual mandate and its special exemptions from federal oversight.&#8221;<\/p>\n<p>AAF Chairman Marc Short, who served as Pence&#8217;s chief of staff during his vice presidency, condemned both bipartisan efforts in a statement last week as the bills gained traction in committee.<\/p>\n<blockquote>\n<p>\u201cEarlier this year we witnessed the failure and subsequent taxpayer bailout of three federally regulated banks as a result of regulators asleep at the wheel,\u201d Short&#8217;s statement read. \u201cSenator Warren introduced a bill allowing bank regulators to claw back executive pay when banks fail, and now Senator Sherrod Brown and Senator Tim Scott have introduced a bill that is virtually identical and, in some ways, worse. These two bills are cut from the same cloth and their effects would be equally damaging to the private sector.&#8221;<\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here to read more from The Washington Examiner<\/a><\/p>\n<p>Should the bill pass the Senate, it faces an uncertain future in the House of Representatives. Republicans control the chamber by a small majority, and many GOP lawmakers have come out against the bill.<\/p>\n<p>Zachary Halaschak contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Vice President Mike Pence&#8217;s advocacy group opposes a bipartisan bill that would recover CEO compensation from failed banks. The RECOUP Act, led by Senators Brown and Scott, aims to give regulators the authority to address this issue.<\/p>\n","protected":false},"author":1,"featured_media":1958640,"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":[538],"tags":[],"class_list":["post-1958639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1958639","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1958639"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1958639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1958640"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1958639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1958639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1958639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}