Political Quotes

“After the 2008 financial crisis, Congress tasked our financial regulatory agencies with implementing a rule that bans pay packages for bank executives that incentivize excessive risk- taking. More than 13 years later, we are still waiting for this rule to be finalized. As the banking failures last year proved, these incentives continue to pose a serious threat to our financial system. That is why I introduced the FAIR Fund Act, which requires large financial institutions to defer a portion of the executive compensation that would get paid out, unless there was misconduct or some sort of firm failure, after a period of between 2 and 8 years, depending on the size of the institution. In the case of misconduct or failure, deferred funds would be used to cover the costs of any fines levied on the bank and make depositors whole. I urge my colleagues to help us hold these bank executives accountable. This is a huge financial risk that we continue to have not only on small businesses but retirees and so many others that are directly connected to the risk-taking and very negligent actions by bank executives. ____________________”