Senate bill proposes seizing pay of failed bank CEOs.

Senators Sherrod Brown and Tim Scott have released a plan to crack down on executives at failed banks, which would empower regulators to claw back certain kinds of compensation from top executives at failed banks and strengthen regulators’ ability to impose penalties on those executives and block them from working in the industry. The Senate Banking Committee plans to mark up the package on Wednesday before Congress leaves for its July 4 recess. The bill is narrower in scope than Sen. Elizabeth Warren's proposal, which had drawn support from nearly half the Banking Committee, including key Republicans.