Elizabeth Warren and Josh Hawley just teamed up on a bill that would let the government 'clawback lavish pay and bonuses when executives explode their bank'

• Sens. Elizabeth Warren and Josh Hawley are teaming up to put the heat on executives of failed banks.

• They're introducing legislation that would clawback the pay of those executives.

• Warren said that Americans are tired of bankers paying themselves well and walking away scot-free.

Two unlikely Senate allies want to turn up the heat for executives who lead their banks to ruin, as politicians grapple with the fallout from the Silicon Valley Bank collapse.

On Wednesday, Democratic Sen. Elizabeth Warren and Republican Sen. Josh Hawley, along with Sens. Mike Braun and Catherine Cortez Masto, introduced a bill called "Failed Bank Executives Clawback Act," which would require that federal regulators "claw back" compensation of executives from the five-year period before their bank fails.

SVB CEO Greg Becker's compensation reached almost $10 million last year, per CBS News. Part of that compensation was a $1.5 million cash bonus.

At this point, the Federal Deposit Insurance Corporation (FDIC) has a limited ability to recoup executives' compensation following a bank failure, and the lawmakers' bill would "extend claw back authorities" under the law to apply to any bank under FDIC's receivership, according to the bill's fact sheet.

"The President called on Congress to pass a new law to hold failed bank CEOs accountable and give the financial cops on the beat additional authority to clawback lavish pay and bonuses when executives explode their bank – and this bipartisan bill answers that imperative," Warren said in a statement.