Political Quotes

“My amendment simply requires a company to have a policy in place to claw back executives' incentive-based pay if it is materially noncompliant with financial reporting requirements. Now, those words matter because the words ``materially noncompliant'' mean something in the accounting world. It has to be a big change, not just some minor, little accounting error. This amendment really should be noncontroversial. It is outrageous, not to mention shortsighted, that almost a decade after the crisis that wrecked the economy we still don't have commonsense safeguards in place to ensure that CEOs do not turn a blind eye to problems that lead to a public restatement of their company's financials. This is not something hypothetical. It happens on a pretty regular basis. It is not relegated to just the past. Everybody here is pretty familiar with Wells Fargo Bank. It has generated scandal after scandal by ripping off its own consumers. Last year, the bank settled an 11-year lawsuit with the Department of Justice because it overcharged veterans who applied for home loan refinancing. At the same time, we learned of hundreds of thousands of car loan customers charged for car insurance that they never agreed to purchase. In 2016, we learned of millions of fake deposits and credit card statements opened up by Wells Fargo and then charging their customers. Last September, the bank failed to refund insurance payments made by customers who paid off their car loans early.…”