To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards.

Summary

Amends the Emergency Economic Stabilization Act of 2008 (EESA) to prohibit a financial institution that receives or has received a capital investment under the Act (or with respect to the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], or a federal home loan bank, under the Housing and Economic Recovery Act of 2008) from making a compensation payment to any executive or employee under any pre-existing compensation arrangement, or from entering into a new compensation payment arrangement, while that capital investment remains outstanding, if such compensation: (1) is unreasonable or excessive according to standards established by the Secretary of the Treasury; or (2) includes any bonus, retention payment, or other supplemental payment not directly based on performance-based measures prescribed in such standards. Instructs the Secretary to establish standards governing: (1) unreasonable and excessive compensation; and (2) performance-based measures that a financial institution must apply when determining whether it may provide a bonus or retention payment.

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Documents

11 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 23 April 2009

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 23 April 2009

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• Engrossed in House (text)

  Engrossed in House · EN · 1 April 2009

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• Engrossed in House (PDF)

  Engrossed in House · EN · 1 April 2009

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• Passed House amended

  summary · EN · 1 April 2009

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• Reported in House (text)

  Reported in House · EN · 30 March 2009

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• Reported in House (PDF)

  Reported in House · EN · 30 March 2009

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• Reported to House with amendment(s)

  summary · EN · 30 March 2009

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• Introduced in House (text)

  Introduced in House · EN · 23 March 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 23 March 2009

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• Introduced in House

  summary · EN · 23 March 2009

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