HR 4200
118th Congress
House
Finance and Financial Sector
FAIR Fund Act of 2023
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 16, 2023
Referred to the House Committee on Financial Services.
Jun 16, 2023
Introduced in House
Plain-English summary
Fostering Accountability In Remuneration Fund Act of 2023 or the FAIR Fund Act of 2023
This bill requires large financial institutions to defer part of senior employees' compensation and deposit the deferred compensation in a fund established by the institution. This fund must be used to pay civil or criminal fines levied against the institution or, if the institution is a bank or credit union, to make depositors whole in the event of a failure. If sufficient funds exist at the end of a specified period of time, senior employees must receive their deferred compensation.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1