3.0.0 431 2022-02-03T06:06:14Z 2022-02-03T06:06:14Z Senate S S 2009-02-12 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-02-12T22:06:57Z 2009-02-12 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-02-12 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2009-03-19 False Finance and Financial Sector Administrative remedies Bankruptcy Business records Congressional oversight Department of Justice Executive agency funding and structure Financial crises and stabilization Government studies and investigations Wages and earnings Finance and Financial Sector 00 2009-02-12 Introduced in Senate 2009-04-16T20:41:10Z Economic Recovery Adjustment Act of 2009 - Establishes within the Department of Justice the Office of the Taxpayer Advocate to conduct audits and oversight of the compensation of the officers and directors of entities assisted under the Troubled Asset Relief Program (TARP).

Authorizes the Advocate to assist the Secretary of the Treasury in the negotiation of TARP assistance in order to: (1) assure that fair and reasonable executive compensation is paid by entities receiving TARP funds; and (2) defend such agreements in the event of any challenge to the adjustments to compensation obligations.

States that negotiated reductions in compensation under this Act: (1) may include vested deferred compensation; and (2) shall be in an amount that is fair and reasonable in light of the taxpayers' assistance, but not less than the estimated value of the compensation obligations that would face the estate or debtor-in-possession if the TARP funds had not been granted, and the entity had filed for bankruptcy protection.

Requires the Advocate to negotiate a reduction in executive compensation obligations as a prerequisite to TARP assistance if, after an audit, the Advocate finds reason to believe that the assisted entity would have become insolvent if not for the receipt of TARP assistance.

Establishes the Temporary Economic Recovery Oversight Panel to: (1) either approve or deny a proposed settlement; or (2) upon petition of the Advocate (or of any individual subject to the Advocate's actions), issue an order establishing an executive compensation program if no settlement is reached.

]]> Economic Recovery Adjustment Act of 2009 Short Titles as Introduced Economic Recovery Adjustment Act of 2009 Display Title Economic Recovery Adjustment Act of 2009 Official Title as Introduced A bill to establish the Temporary Economic Recovery Adjustment Panel to curb excessive executive compensation at firms receiving emergency economic assistance. Introduced in Senate 2009-02-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s431is/xml/BILLS-111s431is.xml 2009-02-12 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.