[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1577 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1577

To require the Secretary of the Treasury to pursue every legal means to 
stay or recoup certain incentive bonus payments and retention payments 
   made by American International Group, Inc. to its executives and 
employees, and to require the Secretary's approval of such payments by 
   any financial institution who receives funds under title I of the 
             Emergency Economic Stabilization Act of 2008.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2009

 Mr. Paulsen (for himself, Mr. Lance, Mr. Lee of New York, Mr. Roe of 
  Tennessee, Mr. Posey, Mr. Guthrie, Mr. Schock, Mr. McClintock, Mr. 
   Olson, Ms. Jenkins, Mr. Luetkemeyer, Mr. Rooney, Mr. Thompson of 
  Pennsylvania, Mr. Cao, Mrs. Lummis, Mr. Chaffetz, Mr. Austria, Mr. 
Harper, Mr. Hunter, Mr. Coffman of Colorado, Mr. Cassidy, Mr. Fleming, 
and Mr. Connolly of Virginia) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to pursue every legal means to 
stay or recoup certain incentive bonus payments and retention payments 
   made by American International Group, Inc. to its executives and 
employees, and to require the Secretary's approval of such payments by 
   any financial institution who receives funds under title I of the 
             Emergency Economic Stabilization Act of 2008.

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

SECTION 1. PLAN TO PURSUE CERTAIN PAYMENTS TO EXECUTIVES.

    Notwithstanding any other provision of law, not later than 2 weeks 
after the date of enactment of this Act, the Secretary of the Treasury 
shall establish a plan to pursue every legal means to stay or recoup 
incentive bonus payments and retention payments made after September 
16, 2008, by American International Group, Inc. to its executives and 
employees.

SEC. 2. CONDITION ON FURTHER ASSISTANCE.

    The Secretary of the Treasury shall not authorize any payment or 
other provision of Federal assistance to American International Group, 
Inc., unless the executives and employees then employed by American 
International Group, Inc. surrender to the Treasury any incentive bonus 
payments and retention payments received by such executives and 
employees after September 16, 2008.

SEC. 3. PROHIBITION ON CERTAIN PAYMENTS WITHOUT TREASURY APPROVAL.

    Notwithstanding any other provision of law, the Secretary of the 
Treasury shall require any financial institution that has received any 
assistance under title I of the Emergency Economic Stabilization Act of 
2008, and that has not repaid in full such assistance not later than 
two weeks after the date of enactment of this Act, to submit a 
incentive bonus and retention payment plan for approval by the 
Secretary before making any incentive bonus payment or retention 
payment to any executive or employee.

SEC. 4. PROHIBITION ON CERTAIN CONTRACTS WITHOUT TREASURY APPROVAL.

    Notwithstanding any other provision of law, the Secretary of the 
Treasury shall require any financial institution that has received any 
assistance under title I of the Emergency Economic Stabilization Act of 
2008, and that has not repaid in full such assistance not later than 
two weeks after the date of enactment of this Act, to submit for 
approval by the Secretary any contract which provides for the payment 
of incentive compensation or bonus or retention payments to any 
executive or employee of such financial institution before such 
institution enters into such contract.
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