II 111th 1st Session S. 360 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.

1.

Short title

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

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.

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.

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.