S.Amdt. 2265

SA 2265. Mr. REED submitted an amendment intended to be proposed by
him to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:

At the end of section 4(a), add the following:
(__) Executive compensation standards.--Each primary
Federal payment stablecoin regulator and State payment
stablecoin regulator shall prescribe, with respect to each
permitted payment stablecoin issuer within the jurisdiction
of the regulator--
(A) standards prohibiting, as an unsafe and unsound
practice, any employment contract, compensation or benefit
agreement, fee arrangement, perquisite, stock option plan,
post-employment benefit, or other compensatory arrangement
that--
(i) would provide any executive officer, employee,
director, or principal shareholder of the issuer with
excessive compensation, fees, or benefits; or
(ii) could lead to material financial loss to the issuer;
(B) standards specifying when compensation, fees, or
benefits described in subparagraph (A) are excessive, which
shall require the regulator to determine whether the amounts
are unreasonable or disproportionate to the services actually
performed by the applicable individual, taking into
consideration--
(i) the combined value of all cash and non-cash benefits
provided to the individual;
(ii) the compensation history of the individual and other
individuals with comparable expertise at the issuer;
(iii) the financial condition of the issuer;
(iv) comparable compensation practices at comparable
issuers, which shall be based on such factors as asset size,
geographic location, and the complexity of the asset
portfolio;
(v) with respect to post-employment benefits, the projected
total cost and benefit to the issuer;
(vi) any connection between the individual and any
fraudulent act or omission, breach of trust or fiduciary
duty, or insider abuse with respect to the issuer; and
(vii) other factors that the regulator determines to be
relevant; and
(C) such other standards relating to compensation, fees,
and benefits as the regulator determines to be appropriate.

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