[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1652 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1652

To require institutions receiving certain assistance from the Troubled 
  Asset Relief Program or the Federal Reserve to have employee bonus 
     payment plans approved in advance of the payments being made.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2009

  Mr. Murphy of Connecticut introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
To require institutions receiving certain assistance from the Troubled 
  Asset Relief Program or the Federal Reserve to have employee bonus 
     payment plans approved in advance of the payments being made.

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

SECTION 1. EMPLOYEE BONUS PAYMENT LIMITATIONS.

    (a) TARP Limitations.--The Secretary of the Treasury shall require 
that any institution that receives, directly or indirectly, financial 
assistance under title I of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5211 et seq.) after the date of the enactment of this 
Act shall only make employee bonus payments if such payments are 
included in an employee bonus payment plan that has been approved by 
the Secretary of the Treasury.
    (b) Limitations on Certain Assistance From the Federal Reserve.--
The Chairman of the Board of Governors of the Federal Reserve System 
shall require that any institution that receives, directly or 
indirectly, financial assistance authorized by the Board of Governors 
of the Federal Reserve System under the third undesignated paragraph of 
section 13 of the Federal Reserve Act (12 U.S.C. 343) after the date of 
the enactment of this Act shall only make employee bonus payments if 
such payments are included in an employee bonus payment plan that has 
been approved by the Secretary of the Treasury.
    (c) Employee Bonus Payment Defined.--The Secretary of the Treasury 
shall define the term ``employee bonus payment'' for the purposes of 
this Act, except such term shall include, at a minimum, retention 
compensation and incentive compensation.
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