Bipartisan group of senators introduces legislation to give regulators the authority to claw back executive compensation and bonuses from failed banks, following the collapse 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 thewhich 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.
During the hearing, Cortez-Masto raised concerns about SVB and Signature Bank executives taking bonuses in the days leading up the banks’ collapse. In a statement to NBC News, Cortez-Masto said it is “unacceptable” for executives at SVB or any other major financial institutions to"pay themselves millions in bonuses while running their banks into the ground.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Bank Regulators to Face Senate Questions Over SVB, Signature CollapsesThree top U.S. officials are likely to face pointed questions from senators on Tuesday about their oversight of Silicon Valley Bank and Signature Bank
Read more »
Senate holds its first hearing into SVB and Signature Bank failuresThe Banking Committee is set to hear from three key regulators Tuesday after the collapse of Silicon Valley Bank and resulting turbulence in the financial sector.
Read more »
SVB hearing live updates: Senators grill Fed, FDIC and Treasury over bank failuresThis is CNBC's live blog tracking Tuesday's hearing on the collapse of Silicon Valley Bank and other lenders before the Senate Banking Committee.
Read more »
U.S. officials signal new rules for banks after SVB, Signature failuresTop U.S. financial officials on Tuesday outlined what’s likely to be the biggest regulatory overhaul of the banking sector in years.
Read more »
Wall St off session highs as investors weigh bank risks after SVB dealWall Street's main indexes cut gains on Monday as investors assessed risks to the banking sector following a buyout deal for Silicon Valley Bank's assets, while a rise in Treasury yields pressured rate-sensitive technology and other growth stocks.
Read more »