One big question is the extent to which the bill will attract support from Warren and other lawmakers who worked with her to craft an earlier proposal.
to crack down on executives at failed banks, amid tensions among other Democrats and Republicans who backed an earlier bill from Sen.The bill by Brown and Scott, the Banking Committee’s top Republican, is Capitol Hill’s most high-profile response yet to the economy-shaking meltdowns of Silicon Valley Bank and other regional lenders. It comes after President Joe Biden called on Congress to impose tougher penalties on senior executives at mismanaged banks that fail.
The tensions underscore the thorny political challenge Brown faces as he tries to nail down a compromise that can become law. It requires balancing lawmakers’ appetites for challenging the banking industry — a powerful lobbying force. It also comes at a delicate moment for Brown and Scott, with Brown facing a tough re-election campaign in his increasingly conservative home state of Ohio and Scott in the middle of a bid for the GOP presidential nomination.
Brown and Scott’s compromise seeks to address concerns that arose from the recent run of bank failures by empowering regulators to claw back top executives’ bonuses and profits from selling stocks, among other forms of compensation. It also includes a so-called good governance provision that allows banks’ boards of directors to similarly claw back money — and strengthens regulators’ ability to fine executives, as well as to ban executives from the industry.
The March bank failures triggered a flurry of legislation from lawmakers to address the crisis. But the clawback proposal from Warren had recently appeared to be one of the most viable options. She introduced an initial version with Hawley, and then worked with Sen.— Brown’s Republican counterpart in Ohio — to assemble bipartisan support on the Banking Committee, which Vance serves on.
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