118th Congress · HOUSE BILLBILL

H.R. 4084 — FAIR Fund Act of 2023

“To defer part of the compensation of senior employees of large financial institutions (and their subsidiaries), to use such deferred amounts to pay any civil or criminal fines that may be levied on the institution (or subsidiary), and for other purposes.”

Finance and financial sector

Introduced Jun 13, 2023

Last action Jun 13, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 13, 2023

Step 2

Referred

Jun 13, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 3 sectionsIntroduced in House

Timeline · 2 actions

Jun 13, 2023

Introduced in House

Jun 13, 2023

Referred to the House Committee on Financial Services.