John,

The aftermath of the 2008 financial crisis revealed the profound greed of big bank executives. Post-2008, regulatory frameworks have been strengthened, yet the accountability of individual executives at these banks remains essentially non-existent.

The ability of bank executives to shield themselves behind corporate entities, coupled with a lack of personal liability, perpetuates a culture of impunity. This culture not only threatens our economy but corrodes the ethical fabric of the banking sector.

In fact, we witnessed this lack of accountability with recent bank collapses just this year, when Greg Becker, the CEO of Silicon Valley Bank, offloaded $3.6 million worth of stock shortly before the bank crumbled and when executives at First Republic Bank liquidated $12 million in company stock ahead of its failure.

This has led to a rare show of bipartisanship as the Senate Banking Committee recently passed the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act, which would allow regulators to recoup bank executives’ compensation from the two years preceding a bank failure.

Now, the full Senate must take decisive action to curb and penalize such recklessness. Send a letter to your Senators urging them to pass the RECOUP Act now.

The core of our economy is closely tied to the banking sector. When bank executives partake in irresponsible lending or speculative trading, families face foreclosure, people lose their jobs, and trust in financial institutions crumbles.

The RECOUP Act will help to establish financial accountability by placing real financial penalties on reckless CEOs who might not make decisions that put the banks at risk of collapse in the first place knowing the consequences they will face.

By holding bank executives personally accountable, enforcing rigorous oversight, and cultivating a culture of responsibility, the Senate can restore faith in our financial institutions while safeguarding our economy from future failures.

Tell the Senate to hold bank executives accountable for their recklessness through the RECOUP Act.

Let's work together to make the RECOUP Act law.

- Amanda

Amanda Ford, Director
Democracy for America
Advocacy Fund