Schiff Statement on President Biden’s Support of DEPOSIT Act
Burbank, California – Today, Congressman Adam Schiff (D-Burbank) issued the following statement on President Biden’s support of Schiff’s Deliver Executive Profits on Seized Institutions to Taxpayers Act, which would hold executives of failed banks that receive federal assistance accountable for the mismanagement of the funds they were trusted with by allowing the Treasury Department to claw back bonuses and stock profits if the bank fails:
“The collapse of Silicon Valley Bank should serve as a jarring wakeup call on the need for urgent action to strengthen financial regulations and to put in place measures to protect depositors and workers when a bank does fail. This week, I introduced the DEPOSIT Act in the U.S. House to claw back at bank executives’ bonuses and stock profits so recouped funds can be used to pay workers and depositors.
“I am glad President Biden agrees that claw backs are a critical step in the federal government’s response to this banking crisis, and I urge the administration and my colleagues in Congress to swiftly ensure my legislation with Senator Blumenthal and Rep. Mike Levin becomes law.”
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