“Earlier this year we witnessed the failure and subsequent taxpayer bailout of three federally regulated banks as a result of regulators asleep at the wheel,” said AAF Chair Marc Short. “Senator Warren introduced a bill allowing bank regulators to claw back executive pay when banks fail, and now Senator Sherrod Brown and Senator Tim Scott have introduced a bill that is virtually identical and, in some ways, worse. These two bills are cut from the same cloth and their effects would be equally damaging to the private sector. The Scott-Brown bill would expand the role of government in the private sector, introducing greater corporate governance requirements and layers of bureaucracy. Though the addition of Senator Sinema’s amendment helps address some of the federal mismanagement, conservatives should still be looking for ways to reduce the heavy hand of the federal government in its approach to bank failures.”
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