Political Quotes

“Mr. President, today I am reintroducing the Corporate Management Accountability Act, which asks each publicly traded company to disclose its policies on whether senior executives or shareholders bear the costs of paying the company's fines and penalties. In 2014, William Dudley, then the President of the Federal Reserve Bank of New York, gave a speech titled ``Enhancing Financial Stability by Improving Culture in the Financial Services Industry.'' In this speech, President Dudley said, ``in recent years, there have been ongoing occurrences of serious professional misbehavior, ethical lapses and compliance failures at financial institutions. This has resulted in a long list of large fines and penalties and to a lesser degree than I would have desired employee dismissals and punishment . . . The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system. As a consequence, the financial industry has largely lost the public trust.'' Since 2009, banks around the world have paid $394 billion in penalties, according to the Boston Consulting Group (BCG). This is an increase of $22 billion from the last time I introduced this legislation. It has been evident that simply fining and penalizing financial institutions at the corporate level is not enough to deter bad actors.…”