[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2927 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2927

  To limit the amount of total compensation for top executives of air 
             carriers that receive certain Federal relief.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2001

   Mr. Smith of New Jersey introduced the following bill; which was 
     referred to the Committee on Transportation and Infrastructure

_______________________________________________________________________

                                 A BILL


 
  To limit the amount of total compensation for top executives of air 
             carriers that receive certain Federal relief.

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

SECTION 1. LIMITATION OF COMPENSATION FOR TOP EXECUTIVES.

    (a) In General.--
            (1) Compensation.--An air carrier that receives relief 
        funds (whether through a grant or loan guarantee) from the 
        Government as a result of the terrorist attacks of September 
        11, 2001, may not use such funds to increase the amount of 
        total compensation received by a top executive of the carrier 
        in calendar year 2000.
    (b) Definitions.--In this section--
            (1) the term ``air carrier'' has the same meaning as such 
        term has in section 40102 of title 49, United States Code;
            (2) the term ``total compensation'' includes salary, bonus 
        payments, stock options, or any other form of contribution or 
        payment from an air carrier to a top executive that results in 
        a financial benefit to such executive; and
            (3) the term ``top executive'' means the president, chief 
        executive officer, chief financial officer, chief operating 
        officer, the chief information officer, and the 6 highest paid 
        executives of an air carrier, not including the preceding named 
        executives.
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