The Senate Banking Committee on Wednesday approved a bill to empower regulators to seize compensation from executives at failed banks, the first major legislative response to the banking crisis that shook the financial system this spring.
between the banking panel’s leaders, Sens. Sherrod Brown and Tim Scott , drew wide bipartisan support, clearing the committee by a vote of 21-2. That margin suggests the bill has momentum as it advances to the full Senate, though its timeline for action there and its prospects in the Republican-controlled House remain unclear.
from the two years before their institutions’ collapses. It would also allow the banking regulator to impose penalties of up to $3 million for reckless mismanagement.Elizabeth Warren and J.D. Vance , would empower regulators to issue stiffer penalties against executives. But Warren on Wednesday backed the Brown-Scott version and called it a reasonable compromise.
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