I 111th CONGRESS 1st Session H. R. 807 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.

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. .