FAIR Fund Act of 2023

Hozzl · 2023-12-15T15:59:24Z

Explore the details of House Bill 4084 FAIR Fund Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:59 PM

Summary of Bill HR 4084

The FAIR Fund Act of 2023, also known as Bill 118 hr 4084, is a piece of legislation introduced in the US Congress with the aim of establishing a fund to support victims of financial crimes. The bill seeks to provide financial assistance to individuals who have been defrauded or otherwise harmed by financial institutions or individuals engaging in fraudulent activities.

Under the FAIR Fund Act, a special fund would be created to compensate victims of financial crimes, with the funds being sourced from penalties and fines imposed on financial institutions found guilty of fraudulent activities. The bill also includes provisions for the establishment of a board to oversee the distribution of funds and ensure that victims receive fair and timely compensation.

Additionally, the FAIR Fund Act aims to increase transparency and accountability in the financial sector by requiring financial institutions to report instances of fraud and misconduct to the appropriate regulatory authorities. This reporting requirement is intended to help prevent future financial crimes and protect consumers from falling victim to fraudulent schemes. Overall, the FAIR Fund Act of 2023 seeks to provide support and assistance to individuals who have been harmed by financial crimes, while also working to prevent future instances of fraud and misconduct in the financial sector.

Congressional Summary of HR 4084

Fostering Accountability In Remuneration Fund Act of 2023 or the FAIR Fund Act of 2023

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.

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Current Status of Bill HR 4084

Bill HR 4084 is currently in the status of Bill Introduced since June 13, 2023. Bill HR 4084 was introduced during Congress 118 and was introduced to the House on June 13, 2023. Bill HR 4084's most recent activity was Referred to the House Committee on Financial Services. as of June 13, 2023

Bipartisan Support of Bill HR 4084

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4084

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 4084

FAIR Fund Act of 2023

Fostering Accountability In Remuneration 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.