[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 807 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 807

To amend the Emergency Economic Stabilization Act of 2008 to require a 
   public database of the executive compensation of the institutions 
     receiving assistance under the Troubled Assets Relief Program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 2009

Mr. Bilirakis introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Emergency Economic Stabilization Act of 2008 to require a 
   public database of the executive compensation of the institutions 
     receiving assistance under the Troubled Assets Relief Program.

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

SECTION 1. DATABASE OF EXECUTIVE COMPENSATION FOR TARP-ASSISTED 
              INSTITUTIONS.

    Section 111 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5221) is amended by adding at the end the following:
    ``(e) Compensation Database.--
            ``(1) Database.--The Secretary shall establish and maintain 
        an Internet website containing a searchable database of the 
        information required to be disclosed under paragraph (2). Such 
        database shall contain the compensation disclosures required 
        under paragraph (2), accessible to the public in a clear, 
        simple, and readily accessible format, and updated not later 
        than 10 days after receiving such information. The database 
        shall not identify the executive, officer, or employee by name.
            ``(2) Required compensation disclosures.--Any institution 
        that receives any assistance under this title shall disclose to 
        the Secretary the total compensation of each of the 100 most 
        highly paid executives, officers, or employees of such assisted 
        institution, except that if an institution has fewer than 1,000 
        employees, such institution shall disclose to the Secretary the 
        total compensation of each of the top 5 percent of the most 
        highly paid executives, officers, or employees. Such 
        disclosures shall be made on an annual basis for a period of 4 
        years beginning--
                    ``(A) in the case of an institution that received 
                assistance under this title prior to the date of 
                enactment of this subsection, not later than 45 days 
                after such date of enactment; and
                    ``(B) for all other assisted institutions, not 
                later than 45 days after receiving assistance under 
                this title.
            ``(3) Total compensation defined.--For purposes of this 
        subsection, the term `total compensation' means, for an 
        applicable year, any type of compensation (whether present, 
        deferred, or contingent) paid or to be paid to an executive, 
        officer, or employee including--
                    ``(A) any additions to the pension of such 
                executive, officer, or employee;
                    ``(B) the estimated market value of any other 
                benefits received by such executive, officer, or 
                employee; and
                    ``(C) a description of any contractual or 
                contingent obligation to the executive, officer, or 
                employee not otherwise described in this paragraph.''.
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