Rep. Adam Schiff announces legislation to "claw back" earnings from executives at FDIC seized banks

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NBC

California Congressman and Democratic Senate Candidate Adam Schiff joins Andrea Mitchell amid federal efforts to stave off domino bank collapses following the failure of Silicon Valley Bank, a “colossal management failure,” according to Schiff. Responding to reports that executives from SVB took bonuses on Friday, or made stock trades to limit their exposure to the bank’s collapse, Schiff announced legislation to “claw back those earnings from these late bonuses from stock trades that were beneficial in the run-up to this run on the bank.”

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