Limit Executive Compensation Abuse Act

Limit Executive Compensation Abuse Act - Limits the annual compensation of any employee of a financial institution or other entity that receives funds under the Troubled Asset Relief Program (TARP) established under the Emergency Economic Stabilization Act of 2008 to the amount of compensation paid to the President of the United States.

[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 857 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 857

 To limit compensation to officers and directors of entities receiving 
   emergency economic assistance from the Government, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2009

  Mr. Moore of Kansas (for himself, Mr. Cleaver, Mrs. McCarthy of New 
 York, Ms. Giffords, Mr. Scott of Georgia, Mr. Childers, Mr. Grayson, 
 Mr. Patrick J. Murphy of Pennsylvania, Mr. Ryan of Ohio, Mr. DeFazio, 
 Mr. Ellison, Mr. Israel, Mr. McDermott, Mr. Schiff, Mr. Doggett, Ms. 
Berkley, Mr. Boccieri, Mr. Kissell, Mr. Massa, Mr. Perriello, Mr. Gene 
   Green of Texas, Mr. McGovern, Mr. Edwards of Texas, Mr. Holt, Mr. 
 Conyers, Mr. Braley of Iowa, Mr. Chandler, Mr. Schauer, Mr. Carnahan, 
  Mr. Lipinski, Mr. Hinojosa, Mr. Space, Mr. Reyes, Mr. Tierney, Mr. 
Clay, Ms. Pingree of Maine, Mr. Driehaus, and Mr. Melancon) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To limit compensation to officers and directors of entities receiving 
   emergency economic assistance from the Government, and for other 
                               purposes.

    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 ``Limit Executive Compensation Abuse 
Act''.

SEC. 2. LIMIT ON EXECUTIVE COMPENSATION.

    (a) 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 
Economic Stabilization Act of 2008, may receive annual compensation in 
excess of the amount of compensation paid to the President of the 
United States.
    (b) 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 the 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.

SEC. 3. RULEMAKING AUTHORITY.

    The Secretary shall expeditiously prescribe such regulations as are 
necessary to carry out this Act, including with respect to 
reimbursement of compensation amounts, as appropriate.

SEC. 4. 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.
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