II
111th
1st Session
S. 360
IN THE SENATE OF THE UNITED STATES
January 30, 2009
Mrs. McCaskill introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To limit compensation to officers and directors of entities receiving emergency economic assistance from the Government.
Short title
This Act may be cited as
the Cap Executive Officer Pay Act of
2009
.
Limit on executive compensation
In general
Notwithstanding any other provision of law or agreement
to the contrary, no person who is an officer, director, executive, or other
employee of a financial institution or other entity that receives or has
received funds under the Troubled Asset Relief Program (or
TARP
), established under section 101 of the Emergency Ecomonic
Stabilization Act of 2008, may receive annual compensation in excess of the
amount of compensation paid to the President of the United States.
Duration
The limitation in subsection (a) shall be a condition of the receipt of assistance under the TARP, and of any modification to such assistance that was received on or before the date of enactment of this Act, and shall remain in effect with respect to each financial institution or other entity that receives such assistance or modification for the duration of the assistance or obligation provided under the TARP.
Rulemaking authority
The Secretary shall expeditiously issue such rules as are necessary to carry out this Act, including with respect to reimbursement of compensation amounts, as appropriate.
Compensation
As used in this Act, the term
compensation
includes wages, salary, deferred compensation,
retirement contributions, options, bonuses, property, and any other form of
compensation or bonus that the Secretary of the Treasury determines is
appropriate.