United States · Bill · HR
H.R. 1664 (111th)
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.
Introduced
23 March 2009
Last action
23 April 2009 · Calendars
Status
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 50.
Sponsors
Rep. Grayson, Alan [D-FL-9], Rep. Himes, James A. [D-CT-4], Rep. Lee, Barbara [D-CA-12], Sen. Welch, Peter [D-VT], Rep. Ellison, Keith [D-MN-5], Rep. Ortiz, Solomon P. [D-TX-27], Rep. Perriello, Thomas S.P. [D-VA-5], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Connolly, Gerald E. [D-VA-11], Rep. Fudge, Marcia L. [D-OH-11]
Subjects
Housing
Source updated
7 April 2025
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.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
23 March 2009
Introduced
Sponsor introductory remarks on measure. (CR E742)
Source: IntroReferral
23 March 2009
Introduced
Introduced in House
Source: IntroReferral
23 March 2009
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
23 March 2009
Introduced
Introduced in House
Source: IntroReferral
26 March 2009
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 38 - 22.
Source: Committee
26 March 2009
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
30 March 2009
Calendars
Placed on the Union Calendar, Calendar No. 28.
Source: Calendars
30 March 2009
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 111-64.
Source: Committee
30 March 2009
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 111-64.
Source: Committee
31 March 2009
Reported
Rules Committee Resolution H. Res. 306 Reported to House. Rule provides for consideration of H.R. 1664 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
Source: Floor
1 April 2009
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H4309)
Source: Floor
1 April 2009
Floor
The Speaker designated the Honorable Jesse L. Jackson Jr. to act as Chairman of the Committee.
Source: Floor
1 April 2009
Floor
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 306 and Rule XVIII.
Source: Floor
1 April 2009
Floor
Considered under the provisions of rule H. Res. 306. (consideration: CR H4287-4310)
Source: Floor
1 April 2009
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
1 April 2009
Vote
On passage Passed by recorded vote: 247 - 171, 1 Present (Roll no. 182).
Source: Floor
1 April 2009
Vote
Passed/agreed to in House: On passage Passed by recorded vote: 247 - 171, 1 Present (Roll no. 182).
Source: Floor
1 April 2009
Passed
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text: CR H4294-4295)
Source: Floor
1 April 2009
Floor
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1664.
Source: Floor
1 April 2009
Floor
Rule provides for consideration of H.R. 1664 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
Source: Floor
1 April 2009
Passed
Rule H. Res. 306 passed House.
Source: Floor
2 April 2009
Introduced
Received in the Senate.
Source: IntroReferral
22 April 2009
Calendars
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Source: Calendars
23 April 2009
Calendars
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 50.
Source: Calendars
Votes
No vote records are attached yet.
Versions
- Placed on Calendar Senate · 23 April 2009 · Download file
- Engrossed in House · 1 April 2009 · Download file
- Reported in House · 30 March 2009 · Download file
- Introduced in House · 23 March 2009 · Download file
Documents
11 official files
Placed on Calendar Senate (text)
This file cannot be previewed here. Use View or Download.
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 23 April 2009
Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 23 April 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Engrossed in House (text)
Engrossed in House · EN · 1 April 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Engrossed in House (PDF)
Engrossed in House · EN · 1 April 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Passed House amended
summary · EN · 1 April 2009
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Reported in House (text)
Reported in House · EN · 30 March 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Reported in House (PDF)
Reported in House · EN · 30 March 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Reported to House with amendment(s)
summary · EN · 30 March 2009
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Introduced in House (text)
Introduced in House · EN · 23 March 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Introduced in House (PDF)
Introduced in House · EN · 23 March 2009
ViewDownloadOpen at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Introduced in House
summary · EN · 23 March 2009
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Sponsors
- Rep. Grayson, Alan [D-FL-9] · D · Sponsor
- Rep. Himes, James A. [D-CT-4] · D · Sponsor
- Rep. Lee, Barbara [D-CA-12] · D · Sponsor
- Sen. Welch, Peter [D-VT] · D · Sponsor
- Rep. Ellison, Keith [D-MN-5] · D · Sponsor
- Rep. Ortiz, Solomon P. [D-TX-27] · D · Sponsor
- Rep. Perriello, Thomas S.P. [D-VA-5] · D · Sponsor
- Rep. Jackson Lee, Sheila [D-TX-18] · D · Sponsor
- Rep. Connolly, Gerald E. [D-VA-11] · D · Sponsor
- Rep. Fudge, Marcia L. [D-OH-11] · D · Cosponsor
- · hsba00 · Standing
Related records
- related to → Providing for consideration of the bill (H.R. 1664) 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.
- amends ← An amendment numbered 1 printed in House Report 111-71 to further clarifiy that an institution does not become subject to the limitations on compensation in this bill as a result of doing business with an institution that has received a direct capital investment under either the TARP or HERA. Would exempt severance pay from coverage if the payment is made in the ordinary course to an employee who has been with the institution at least 5 years prior to dismissal, as long as that payment is not greater than the employees annual salary or $250,000. Would require the compensation data that an institution must report annually to the Treasury to include contributions made for the benefit of an employees immediate family members. Would create a Commission on Executive Compensation to study the executive compensation system for recipients of direct capital investments under the TARP and make recommendations for legislative and regulatory action.
- amends ← An amendment numbered 5 printed in House Report 111-71 to clarify that an institution that is not a TARP recipient will not be subject to the requirements of the bill as a result of doing business with a TARP recipient.
- amends ← An amendment numbered 4 printed in House Report 111-71 to allow institutions that enter into a payment schedule with Treasury on terms set by Treasury to no longer be subject to the bonus and compensation restrictions created by the Act. If an institution defaults on its payment schedule, any bonuses and compensation that exceeds the regulations promulgated in accordance to the Act would be subject to clawback.
- amends ← An amendment numbered 7 printed in House Report 111-71 to clarify the definition of executive compensation to include payments made before, during and after employment, and would make explicit that the definition of compensation considered under the standards to be prepared by the Secretary to include payment of money, transfers of property or provision of services.
- amends ← An amendment numbered 6 printed in House Report 111-71 to amend the Emergency Economic Stabilization Act of 2008 to make the shareholder vote on executive compensation packages binding upon the board of directors.
- amends ← An amendment numbered 3 printed in House Report 111-71 to exempt from compensation standards any institutions that receive TARP funding or payment agreements entered into before the enactment of this bill.
- amends ← An amendent numbered 2 printed in House Report 111-71 to allow the Treasury Secretary to exempt financial institutions receiving TARP funds under a certain threshold.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/111th-congress/house-bill/1664
- Open data entity: https://api.congress.gov/v3/bill/111/hr/1664
- us · 111-hr-1664 · source updated 7 April 2025