On March 11, Sens. Elizabeth Warren (D-MA), Josh Hawley (R-MO), and a bipartisan group of lawmakers reintroduced the Failed Bank Executives Clawback Act, which would task the FDIC with recovering compensation from executives of large failed banks. If enacted, the legislation would require the FDIC to “claw back” all or part of salaries, bonuses, equity awards, profits from securities transactions, and other covered compensation including time- or service-based and non-financial-metric-based awards received by covered parties in the three years preceding a bank’s failure. Under the bill, covered parties include directors, officers, controlling stockholders, and other individuals found primarily responsible for the failed condition of an insured depository institution with assets exceeding $10 billion. Any recovered funds would be deposited into the Deposit Insurance Fund. The senators stated the bill aims to ensure executives cannot profit from risky management that destabilizes financial institutions. The measure also proposes amending the Dodd-Frank Act to clarify that the FDIC’s receivership authority applies regardless of how it is appointed.