3.0.0 3149 2023-01-11T13:16:12Z 2023-01-11T13:16:12Z Senate S S 2010-03-22 111 ssfi00 Finance Committee Senate Standing Referred to 2010-03-22T19:44:06Z 2010-03-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-03-22 Introduced in Senate IntroReferral 10000 9 Library of Congress N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM N Taxation Administrative law and regulatory procedures Banking and financial institutions regulation Business records Department of the Treasury Financial crises and stabilization Government information and archives Income tax deductions Securities Tax administration and collection, taxpayers Wages and earnings Taxation 00 2010-03-22 Introduced in Senate 2010-04-29T15:39:51Z Wall Street Compensation Reform Act of 2010 - Amends the Internal Revenue Code to restrict the tax deduction for compensation paid to highly-paid employees of systemically significant financial institutions. Requires such compensation to be performance-based, to vest no earlier than five years after the date of payment, and to consist of 50% employer stock. Prohibits such highly-paid employees from using personal hedging strategies and remuneration or liability-related insurance and requires forfeiture of compensation paid to a chief executive or financial officer of such an institution if an accounting restatement is required due to material noncompliance, as a result of misconduct, with any federal financial reporting requirement.

Defines a "systemically significant financial institution" as an entity which engages primarily in financial activities (as determined under the Bank Holding Company Act of 1956) and which: (1) owns or controls assets greater than $25 billion; or (2) owns or controls assets greater than $10 billion and maintains a ratio of debt to equity greater than 20 to 1.

Requires each systemically significant financial institution which is a publicly held corporation to make an annual report on its compensation policies and practices to the Securities and Exchange Commission (SEC) and make such report publicly available.

]]> Wall Street Compensation Reform Act of 2010 Display Title Wall Street Compensation Reform Act of 2010 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to limit certain executive compensation paid by systemically significant financial institutions. Introduced in Senate IS Short Titles as Introduced Wall Street Compensation Reform Act of 2010 Introduced in Senate 2010-03-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3149is/xml/BILLS-111s3149is.xml 2010-03-22 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.