S.Amdt. 2857

SA 2857. Mr. SANDERS submitted an amendment intended t be proposed to
amendment SA 2786 proposed by Mr. Reid (for himself, Mr. Baucus, Mr.
Dodd, and Mr. Harkin) to the bill H.R. 3590, to amend the Internal
Revenue Code of 1986 to modify the first-time homebuyers credit in the
case of members of the Armed Forces and certain other Federal
employees, and for other purposes; which was ordered to lie on the
table; as follows:

On page 162, after line 25, add the following:
(7) Cap on private insurance company executive
compensation.--
(A) Limits on compensation for executives of private
insurance companies participating in an exchange.--
(i) In general.--Notwithstanding any other provision of law
or agreement to the contrary, no employee or executive of a
private health insurance issuer that offers coverage through
an Exchange may receive aggregate annual compensation, in any
form, from the issuer in an amount in excess of $1,000,000.
(ii) Definition.--For purposes of this paragraph, the term
``aggregate annual compensation'' includes bonuses, deferred
compensation, stock options, securities, or any other form of
compensation provided to an employee or executive.
(B) Bar from participation in exchange.--If a private
health insurance issuer offering coverage through an Exchange
fails to comply with the requirement of subparagraph (A),
such issuer shall be prohibited from offering coverage
through the Exchange.
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