TARP Wage Accountability Act

TARP Wage Accountability Act - Amends the Emergency Economic Stabilization Act of 2008 to prohibit financial institutions that have received more than $10 billion under the Troubled Asset Relief Program (TARP) from increasing the compensation of any of their officers, directors, or employees for a fiscal year by a percentage greater than the federal civil service pay increase for such fiscal year.

[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 1603 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1603

  To require institutions receiving large amounts of assistance under 
 TARP to restrict compensation increases for officers, directors, and 
          employees to the Federal civil service pay increase.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2009

Mr. Wilson of Ohio introduced the following bill; which was referred to 
                  the Committee on Financial Services

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                                 A BILL


 
  To require institutions receiving large amounts of assistance under 
 TARP to restrict compensation increases for officers, directors, and 
          employees to the Federal civil service pay increase.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``TARP Wage Accountability Act''.

SEC. 2. SALARY INCREASE LIMITATIONS.

    Section 111 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5221) is amended by adding at the end the following new 
subsection:
    ``(e) Salary Increase Limitations.--
            ``(1) In general.--The Secretary shall require that any 
        financial institution that receives assistance under this title 
        after the date of the enactment of this subsection shall not 
        increase compensation amounts for any officer, director, or 
        employee for a fiscal year by a percentage greater than the 
        Federal civil service pay increase for such fiscal year.
            ``(2) Limitation.--The provisions of this subsection shall 
        only apply to financial institutions that have received total 
        assistance under this title of more than $10,000,000,000.
            ``(3) Federal civil service pay increase defined.--For the 
        purposes of this subsection and with respect to a fiscal year, 
        the term `Federal civil service pay increase' means the 
        percentage by which the rates of basic pay for each statutory 
        pay system are increased under section 5303 of title 5, United 
        States Code, for such fiscal year.''.
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