RECOUP Act and FEND Off Fentanyl Act

14 Jul RECOUP Act and FEND Off Fentanyl Act

On June 21st, the Senate Banking Committee held its first markup since 2019 to advance two pieces of legislation. The first piece, championed by Ranking Member
and Republican presidential hopeful Tim Scott (R-SC) in coordination with Chair Sherrod Brown (D-OH) was the FEND Off Fentanyl Act (S. 1271). This bill is intended to heighten the use of sanctions and anti-money laundering tools to punish Chinese precursor manufacturers and Mexican cartels trafficking fentanyl into the US. This legislation passed the committee with unanimous support. The second, and more controversial measure is the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act, also led by Chair Brown and supported by Ranking Member Scott. This package came together following the Silicon Valley Bank (SVB) failure and aims to increase accountability of bank leadership by focusing on their compensation as it relates to regulatory compliance, corporate governance, and bank performance.