H.R. 1577House111th Congress (2009-2011)In Committee

To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Introduced March 18, 2009

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

March 18, 2009

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HouseIntro Referral

Introduced in House

March 18, 2009

HouseIntro Referral

Referred to the House Committee on Financial Services.

March 18, 2009

Floor Debate

20 members

What members said about H.R. 1577 on the floor

11 Republicans9 Democrats
Doris O. Matsui
Rep. Doris O. MatsuiD-CA-5 · Mar 18, 2009

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 250 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

Chellie Pingree
Rep. Chellie PingreeD-ME-1 · Mar 19, 2009

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 257 and ask for its immediate consideration. For the purposes of debate only, I yield the customary 30 minutes to the…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Mar 18, 2009

I thank my colleague from Florida for his gracious comments. It's a joy to serve on the Rules Committee. It's a joy, actually, to serve with all the folks on the Rules Committee. I am learning a…

Lincoln Diaz-Balart
Rep. Lincoln Diaz-BalartR-FL-21 · Mar 18, 2009

Mr. Speaker, I would like to thank my friend from California (Ms. Matsui) for the time, and I yield myself such time as I may consume. It can sometimes seem that we are surrounded by news of…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Mar 18, 2009

Mr. Speaker, I had the pleasure this morning of visiting with a number of youngsters from the Youth Build Program. They participated with Mrs. Obama yesterday in building a home. It is interesting,…

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Lincoln Diaz-Balart
Rep. Lincoln Diaz-BalartR-FL-21 · Mar 19, 2009

Mr. Speaker, I thank my friend, Ms. Pingree, for yielding the time and I yield myself such time as I may consume. What concerns me about this scandalous AIG bonus issue is that the Obama…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Mar 19, 2009

Mr. Speaker, I would like to begin by submitting for the record the vote record for the stimulus bill, which included the provision for the AIG bonuses that the administration pushed for, showing…

Edward R. Royce
Rep. Edward R. RoyceR-CA-40 · Mar 19, 2009

The Democrats have actually controlled this Congress for over the last 2 years, and it was the Democrats who controlled the passage of the TARP legislation in the first place. I voted against that…

Steven C. LaTourette
Rep. Steven C. LaTouretteR-OH-14 · Mar 18, 2009

I thank the gentleman for yielding. I intend to vote ``no'' on the previous question on this particular rule. I don't have any big problem with the rule, but it is my understanding that Mr.…

Dennis A. Cardoza
Rep. Dennis A. CardozaD-CA-18 · Mar 18, 2009

Mr. Speaker, I thank my good friend from California, Ms. Matsui and I also thank her for her passion and dedication to increasing our country's commitment to community service and volunteerism. Mr…

Brad Sherman
Rep. Brad ShermanD-CA-27 · Mar 19, 2009

Let me set the record straight, particularly with regard to the comments of Mr. Dreier from California. The TARP bill is the one that provided the bailouts. It contained highly ineffectual, giant…

Erik Paulsen
Rep. Erik PaulsenR-MN-3 · Mar 18, 2009

I thank the gentleman for yielding and appreciate his leadership as well. Mr. Speaker, I understand that my colleague from Florida will offer my legislation to help recoup the $165 million in…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Mar 19, 2009

I want to thank the distinguished gentlewoman from Colorado for her leadership, and it's a pleasure to be on the floor with her today. Let me as well thank the Speaker for the opportunity to educate…

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Jared Polis
Rep. Jared PolisD-CO-2 · Mar 18, 2009

Today, I rise in support of the Generations Invigorating Volunteerism and Education, the GIVE Act, and the rule. I thank Chairman Miller for his leadership in introducing this bipartisan…

Steven C. LaTourette
Rep. Steven C. LaTouretteR-OH-14 · Mar 19, 2009

Mr. Speaker, I'm shocked at the shock. I cannot believe that we are here and people are shocked. Every person--or, I don't want to offend anybody, but almost every person on the other side of the…

Betty Sutton
Rep. Betty SuttonD-OH-13 · Mar 18, 2009

I thank the gentlewoman from California for the time and for her leadership on this bill. I also want to thank my good friend from across the aisle, Mr. Diaz-Balart, for his thoughtful words about…

James P. McGovern
Rep. James P. McGovernD-MA-3 · Mar 19, 2009

Mr. Speaker, we are not tearing up the Constitution here, we are responding to bad behavior. We are telling corporate America that we are not going to bail them out, our financial institutions. We…

Mike Pence
Rep. Mike PenceR-IN-6 · Mar 19, 2009

Last fall, like a majority of House Republicans, I opposed the Wall Street bailout because I feared we'd arrive at days like today, in part. House Republicans share the outrage of the American people…

Thaddeus G. McCotter
Rep. Thaddeus G. McCotterR-MI-11 · Mar 19, 2009

I thank the gentleman for yielding. I too am shocked at the shock. When the stimulus bill came through the House, there were warnings from the minority party that we did not have time to read it,…

Lloyd Doggett
Rep. Lloyd DoggettD-TX-25 · Mar 19, 2009

AIG--It has become shorthand for ``Arrogant, Irresponsible Greed.'' The big difference between the AIG insurance bootleggers and Ponzi felon Bernie Madoff is Madoff hasn't asked for a bailout yet,…

Ron Paul
Rep. Ron PaulR-TX-14 · Mar 19, 2009

I thank the gentleman for yielding. Mr. Speaker, I rise today in opposition to this rule as well as the bill because of the lack of need for this and the disgrace that this has brought upon us.…

Daniel E. Lungren
Rep. Daniel E. LungrenR-CA-3 · Mar 19, 2009

Mr. Speaker, facts are inconvenient things and the United States Constitution is an inconvenient truth at times, particularly when Congress wants to show it's upset about something it already did.…

Ginny Brown-Waite
Rep. Ginny Brown-WaiteR-FL-5 · Mar 19, 2009

I thank the gentleman for yielding. Mr. Speaker, a recent headline read ``AIG is a P.I.G.'' And that's exactly the way that most Americans feel. The TARP bill, however ill-thought out, was intended…

David Dreier
Rep. David DreierR-CA-26 · Mar 19, 2009

Mr. Speaker, our distinguished former colleague, the former chairman of the Ways and Means Committee, Bill Archer, always provided us with a great directive. He said here in this institution we…

Bill Text

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Introduced in HouseIssued March 18, 2009

I

111th CONGRESS

1st Session

H. R. 1577

IN THE HOUSE OF REPRESENTATIVES

March 18, 2009

Mr. Paulsen (for himself, Mr. Lance, Mr. Lee of New York, Mr. Roe of Tennessee, Mr. Posey, Mr. Guthrie, Mr. Schock, Mr. McClintock, Mr. Olson, Ms. Jenkins, Mr. Luetkemeyer, Mr. Rooney, Mr. Thompson of Pennsylvania, Mr. Cao, Mrs. Lummis, Mr. Chaffetz, Mr. Austria, Mr. Harper, Mr. Hunter, Mr. Coffman of Colorado, Mr. Cassidy, Mr. Fleming, and Mr. Connolly of Virginia) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary’s approval of such payments by any financial institution who receives funds under title I of the Emergency Economic Stabilization Act of 2008.

1.

Plan to pursue certain payments to executives

Notwithstanding any other provision of law, not later than 2 weeks after the date of enactment of this Act, the Secretary of the Treasury shall establish a plan to pursue every legal means to stay or recoup incentive bonus payments and retention payments made after September 16, 2008, by American International Group, Inc. to its executives and employees.

2.

Condition on further assistance

The Secretary of the Treasury shall not authorize any payment or other provision of Federal assistance to American International Group, Inc., unless the executives and employees then employed by American International Group, Inc. surrender to the Treasury any incentive bonus payments and retention payments received by such executives and employees after September 16, 2008.

3.

Prohibition on certain payments without Treasury approval

Notwithstanding any other provision of law, the Secretary of the Treasury shall require any financial institution that has received any assistance under title I of the Emergency Economic Stabilization Act of 2008, and that has not repaid in full such assistance not later than two weeks after the date of enactment of this Act, to submit a incentive bonus and retention payment plan for approval by the Secretary before making any incentive bonus payment or retention payment to any executive or employee.

4.

Prohibition on certain contracts without Treasury approval

Notwithstanding any other provision of law, the Secretary of the Treasury shall require any financial institution that has received any assistance under title I of the Emergency Economic Stabilization Act of 2008, and that has not repaid in full such assistance not later than two weeks after the date of enactment of this Act, to submit for approval by the Secretary any contract which provides for the payment of incentive compensation or bonus or retention payments to any executive or employee of such financial institution before such institution enters into such contract.