[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 360 Introduced in Senate (IS)]

111th
  1st Session
                                 S. 360

 To limit compensation to officers and directors of entities receiving 
           emergency economic assistance from the Government.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 30, 2009

Mrs. McCaskill introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To limit compensation to officers and directors of entities receiving 
           emergency economic assistance from the Government.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cap Executive Officer Pay Act of 
2009''.

SEC. 2. LIMIT ON EXECUTIVE COMPENSATION.

    (a) In General.--Notwithstanding any other provision of law or 
agreement to the contrary, no person who is an officer, director, 
executive, or other employee of a financial institution or other entity 
that receives or has received funds under the Troubled Asset Relief 
Program (or ``TARP''), established under section 101 of the Emergency 
Ecomonic Stabilization Act of 2008, may receive annual compensation in 
excess of the amount of compensation paid to the President of the 
United States.
    (b) Duration.--The limitation in subsection (a) shall be a 
condition of the receipt of assistance under the TARP, and of any 
modification to such assistance that was received on or before the date 
of enactment of this Act, and shall remain in effect with respect to 
each financial institution or other entity that receives such 
assistance or modification for the duration of the assistance or 
obligation provided under the TARP.

SEC. 3. RULEMAKING AUTHORITY.

    The Secretary shall expeditiously issue such rules as are necessary 
to carry out this Act, including with respect to reimbursement of 
compensation amounts, as appropriate.

SEC. 4. COMPENSATION.

    As used in this Act, the term ``compensation'' includes wages, 
salary, deferred compensation, retirement contributions, options, 
bonuses, property, and any other form of compensation or bonus that the 
Secretary of the Treasury determines is appropriate.
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