[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1725 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1725

  To limit excessive compensation and bonuses paid by the Resolution 
               Trust Corporation and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 20, 1993

 Mr. Bachus of Alabama (for himself, Mr. Bevill, Mr. Deal, Mr. Johnson 
  of Georgia, Mr. Ewing, Mr. Barrett of Wisconsin, Mr. Ridge, Mr. Sam 
 Johnson of Texas, Mr. Cramer, Mr. Royce, Mr. Pombo, Mr. Hilliard, Mr. 
 Blute, Mrs. Fowler, Mr. Duncan, Mr. Everett, Mr. King, Mr. Callahan, 
 and Mr. Browder) introduced the following bill; which was referred to 
          the Committee on Banking, Finance and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To limit excessive compensation and bonuses paid by the Resolution 
               Trust Corporation 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 shall be cited as the ``Resolution Trust Corporation 
Compensation Reform Act of 1993''.

SEC. 2. RTC COMPENSATION REFORM.

    Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 
Sec. 1441a) is amended by adding the following new subsection:
    ``(x) Limitations on Excessive Compensation.--
            ``(1) Compensation.--Notwithstanding any other provision of 
        this Act, no employee of the Thrift Depositor Protection 
        Oversight Board and no employee that the Resolution Trust 
        Corporation may use from the Federal Deposit Insurance 
        Corporation pursuant to subsection (b)(8) of this section, may 
        receive a total amount of allowances, benefits, compensation, 
        and pay differentials, including bonuses and other awards, in 
        excess of the total amount of allowances, benefits, 
        compensation, and pay differentials, including bonuses and 
        other awards, which may be provided to the Chief Executive 
        Officer of the Corporation or any other officer holding a 
        position at level III of the Executive Schedule.
            ``(2) Bonuses.--Notwithstanding any other provision of this 
        Act, no employee of the Thrift Depositor Protection Oversight 
        Board and no employee that the Resolution Trust Corporation may 
        use from the Federal Deposit Insurance Corporation pursuant to 
        subsection (b)(8) of this section, may receive any bonus or 
        other award, unless such bonus or award is given in conformity 
        with the requirements of chapter 45 of title 5, United States 
        Code.
            ``(3) Regional pay differential.--Notwithstanding any other 
        provision of this Act, no employee of the Thrift Depositor 
        Protection Oversight Board and no employee that the Resolution 
        Trust Corporation may use from the Federal Deposit Insurance 
        Corporation pursuant to subsection (b)(8) of this section, may 
        receive any locality based comparability payment or any other 
        form of regional pay differential, unless such payment or pay 
        differential is made in conformity with title 5, United States 
        Code.''.

SEC. 3. FDIC COMPENSATION REFORM.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding the following new section:

``SEC. 44. LIMITATIONS ON EXCESSIVE COMPENSATION.

    ``(a) Compensation.--Notwithstanding any other provision of this 
Act, no employee of Corporation may receive a total amount of 
allowances, benefits, compensation, and pay differentials, including 
bonuses and other awards, in excess of the total amount of allowances, 
benefits, compensation, and pay differentials, including bonuses and 
other awards, which may be provided to the Chairperson of the 
Corporation or any other officer holding a position at level III of the 
executive schedule.
    ``(b) Bonuses.--Notwithstanding any other provision of this Act, no 
employee of the Corporation may receive any bonus or other award, 
unless such bonus or award is given in conformity with the requirements 
of chapter 45 of title 5, United States Code.
    ``(c) Regional Pay Differential.--Notwithstanding any other 
provision of this Act, no employee of the Corporation may receive any 
locality based comparability payment or any other form of regional pay 
differential, unless such payment or pay differential is made in 
conformity with title 5, United States Code.''.

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