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United States · Bill · HR

H.R. 3269 (111th)

Corporate and Financial Institution Compensation Fairness Act of 2009

referredUnited States· United States Congress· EN

Introduced

21 July 2009

Last action

3 August 2009 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Frank, Barney [D-MA-4], Sen. Peters, Gary C. [D-MI], Rep. Kilroy, Mary Jo [D-OH-15], Rep. Watt, Melvin L. [D-NC-12], Rep. Capuano, Michael E. [D-MA-8], Rep. Green, Al [D-TX-9], Rep. Sherman, Brad [D-CA-32], Rep. Carson, André [D-IN-7], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Ellison, Keith [D-MN-5], Rep. Hinojosa, Ruben [D-TX-15], Rep. Waters, Maxine [D-CA-43]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Corporate and Financial Institution Compensation Fairness Act of 2009 - Amends the Securities Exchange Act of 1934 to require that any proxy or consent or authorization for an annual shareholders meeting provide for a separate shareholder vote to approve executive compensation as disclosed pursuant to rules of the Securities and Exchange Commission (SEC). States that the shareholder vote: (1) shall not be binding on the corporation or the board of directors; (2) shall not be construed as overruling a board decision, nor as creating or implying any additional fiduciary duty by such board; nor (3) shall such vote be construed to restrict or limit the ability of shareholders to make proposals for inclusion in such proxy materials related to executive compensation. Sets forth procedures for disclosure and shareholder approval of golden parachute compensation. Directs the SEC to prescribe standards relating to compensation committees. Requires each member of the compensation committee of the issuer's board of directors to be a member of the issuer's board of directors, and to be otherwise independent. Requires a compensation consultant, legal counsel, or other adviser to the compensation committee of any issuer to meet SEC standards for independence. Authorizes the compensation committee of each issuer to engage independent counsel and advisors. Directs the SEC to study and report to Congress on the use of compensation consultants meeting certain standards for independence. Requires the appropriate federal regulators to prescribe jointly regulations requiring each covered financial institution to disclose to the appropriate federal regulator the structures of the incentive-based compensation arrangements for the institution's officers and employees sufficient to determine whether the compensation structure: (1) is aligned with sound risk management; (2) is structured to account for the time horizon of risks; and (3) meets other criteria appropriate to reduce unreasonable incentives for officers and employees to take undue risks. Requires such regulators to prescribe joint regulations that prohibit any compensation structure or incentive-based payment arrangement that encourages inappropriate risks by financial institutions or their officers or employees that could: (1) threaten the safety and soundness of covered financial institutions; or (2) present serious adverse effects on economic conditions or financial stability.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 21 July 2009

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 21 July 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 21 July 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 28 July 2009

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 40 - 28.

    Source: Committee

  5. 28 July 2009

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  6. 30 July 2009

    Reported

    Rules Committee Resolution H. Res. 697 Reported to House. Rule provides for consideration of H.R. 3269 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. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived.

    Source: Floor

  7. 30 July 2009

    Calendars

    Placed on the Union Calendar, Calendar No. 131.

    Source: Calendars

  8. 30 July 2009

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-236.

    Source: Committee

  9. 30 July 2009

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 111-236.

    Source: Committee

  10. 31 July 2009

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  11. 31 July 2009

    Vote

    On passage Passed by recorded vote: 237 - 185 (Roll no. 686).

    Source: Floor

  12. 31 July 2009

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 237 - 185 (Roll no. 686).

    Source: Floor

  13. 31 July 2009

    Vote

    On motion to recommit with instructions Failed by recorded vote: 178 - 244 (Roll no. 685). (consideration: CR H9243)

    Source: Floor

  14. 31 July 2009

    Floor

    Mr. Sessions moved to recommit with instructions to Appropriations. (consideration: CR H9242-9243; text: CR H9242)

    Source: Floor

  15. 31 July 2009

    Floor

    Considered under the provisions of rule H. Res. 697. (consideration: CR H9213-9233; text of amendment in the nature of a substitute: CR H9213-9215)

    Source: Floor

  16. 31 July 2009

    Floor

    Rule provides for consideration of H.R. 3269 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. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived.

    Source: Floor

  17. 31 July 2009

    Passed

    Rule H. Res. 697 passed House.

    Source: Floor

  18. 3 August 2009

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 3 August 2009

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 3 August 2009

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  • Engrossed in House (text)

    Engrossed in House · EN · 31 July 2009

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 31 July 2009

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  • Passed House amended

    summary · EN · 31 July 2009

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  • Reported in House (text)

    Reported in House · EN · 30 July 2009

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  • Reported in House (PDF)

    Reported in House · EN · 30 July 2009

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  • Reported to House with amendment(s)

    summary · EN · 30 July 2009

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  • Introduced in House (text)

    Introduced in House · EN · 21 July 2009

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  • Introduced in House (PDF)

    Introduced in House · EN · 21 July 2009

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  • Introduced in House

    summary · EN · 21 July 2009

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Sponsors

Related records

Sources

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