The Failed Bank Executives Clawback Act - which is supported by President Joe Biden and would ease any perceptions that the government bailed out the banks by making depositors whole - would empower the Federal Deposit Insurance Corporation to claw back compensation that the bank’s executives earned in the five years leading up to the collapse. Josh Hawley (R-MO) - to introduce legislation to claw back compensation from the bank executives. “If you find that that change in the law impacted the Fed’s ability to conduct the appropriate test based on the bank’s tiering of assets, would you be forthcoming with that and say so?” she asked Michael Barr, the Fed’s vice chair for supervision.Ĭortez Masto joined 30 Senate Democrats in opposing the law, which President Donald Trump signed in 2018 several other moderate Democrats supported it.īut while she waited for more answers, she joined two of the Senate’s most populist members - Warren and Sen. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA), have said contributed to the bank failures. While she took a wait-and-see approach to diagnosing what caused the banks’ failure, Cortez Masto gave a nod to critics of the 2018 law that rolled back some of the regulatory rules from the 2010 Dodd-Frank law on small and medium-size banks, which progressives, including Sens. Maxine Waters (D-CA), the ranking member on the House Financial Services Committee - and that will likely lead to congressional investigations. Steven Horsford (D-NV) is ensuring House Democrats and the White House are aligned over the latest Republican effort to rewrite local laws in Washington, D.C.Ĭortez Masto questioned top financial regulators this week about the collapse of Silicon Valley and Signature banks, revealing her concerns about the state of financial regulation and joining calls to penalize bank executives.Ĭortez Masto used her seat on the Senate Finance Committee to question whether the Federal Reserve is capable of engaging in an unbiased analysis of its own behavior in regards to regulating mid-sized banks like SVB - a position echoed by Democrats such as Rep. Catherine Cortez Masto (D-NV) introduced a bill to crack down on a dangerous tranquilizer that’s drawn the attention of leadership, and Rep. It’s been a busy week at the Capitol, with federal lawmakers examining what caused Silicon Valley Bank to fail and whether TikTok is a big enough national security risk to warrant banning the app.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |