The Senate Banking Committee has agreed to ratchet up penalties for execs of failed lenders, increase oversight of the Fed and restrict megabank takeovers. Today's bipartisan vote represents Congress' most viable option for revamping the banking system.
Thom Tillis“For years and years, we’ve tried to hold banks accountable,” Brown told reporters. “Of course, there will be some people that think it didn’t go far enough or went too far. This is a huge victory for consumers, for the banking system, for honest bankers and for the whole country.”
The level of support makes it hard for House Republicans to ignore. Barr, a senior member of the Financial Services Committee, said in an interview that focusing on executive compensation rather than failures by regulators was a “distraction” – though he said he was “interested to hear that vote tally.”
from leaders of failed banks. It would expose the executives to higher civil penalties and bans from working in the industry.revealed a compensation clawback proposal, helped Warren build GOP support on the panel. The bill’s scope grew further Wednesday, when the committee agreed to a bipartisan set of amendments that would expand the types of compensation covered by the clawback, require the Fed to report publicly on its bank supervision practices and changes to its internal culture, and introduce new hurdles for the biggest banks to acquire failed lenders.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ohio Sen. Sherrod Brown ‘dead wrong’ on immigration, warns candidate Matt DolanRepublican Matt Dolan is looking to soften up Democratic Sen. Sherrod Brown’s support in Ohio by taking him to task on immigration.
Read more »
First on Fox: Vulnerable Democrat targeted over border security, crime, in crucial 2024 Senate raceDemocratic Sen. Sherrod Brown of Ohio comes under a new attack over border security and crime by Republican candidate Matt Dolan in a crucial 2024 Senate race
Read more »
Keeler vs. Singer: Will Bruce Brown give Denver Nuggets the hometown discount?Could Nuggets forward Bruce Brown follow Bobby Portis’ path with the Milwaukee Bucks? Denver Post’s Sean Keeler and Mike Singer debate.
Read more »
Tucson rock bands headline Hotel Congress Plaza showMason and Birds and Arrows joins Phoenix glam rockers for Summer Rock Revival at Congress's outdoor plaza stage. Event also includes photo exhibits, live painter.
Read more »
Mater Dei standout quarterback Elijah Brown commits to Stanford ahead of pivotal senior seasonMater Dei High quarterback Elijah Brown, who's led the Monarchs to a 29-1 record over three seasons, announced he's committing to Stanford.
Read more »