H.R. 1664 - To Amend the Executive Compensation Provisions of the Emergency Economic Stabilization Act of 2008 to Prohibit Unreasonable and Excessive Compensation and Compensation Not Based on Performance Standards.
- Sponsor:
- Alan Grayson
- Summary:
- To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards. (by CRS)
- Status:
- The bill was voted on in the House on April 1, 2009
- Amendments:
- 7 proposed amendments. 5 accepted. 2 rejected. View amendments
PASSED on April 1, 2009.
1/2 required to pass
voted YES: 247
voted NO: 171
12 voted present/not voting
To Amend the Executive Compensation Provisions of the Emergency Economic Stabilization Act of 2008 to Prohibit Unreasonable and Excessive Compensation and Compensation Not Based on Performance Standards.
H.R. 1664 — 111th Congress (2009–2010)
- Keywords
- TARP, Barney Frank, Bailout, Banking, Lending, Pay for Performance Act, Pay for Performanc Act of 2009, Small Business, AIG, Chase, JP Morgan, Citigroup, 90% Tax
- Summary
- To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards. (by CRS)
- Learn More
- At OpenCongress
- Title
- To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards.
- Other Titles
- Sponsor
- Alan Grayson
- Co-Sponsors
- Subjects
- Finance and financial sector
- Advisory bodies
- Congressional oversight
- Corporate finance and management
- Financial crises and stabilization
- Financial services and investments
- Government corporations and government-sponsored enterprises
- Government information and archives
- Government lending and loan guarantees
- Securities
- Wages and earnings
- Related Bills
- Major Actions
Introduced 3/23/2009 Referred to Committee Amendments (7 proposed) Passed House 4/01/2009 - Bill History
-
Chamber/Committee Motion Date Result select this vote House On agreeing to the Frank (MA) amendment (A001) Agreed to by voice vote. 4/01/2009 PASSED by voice vote select this vote House On agreeing to the Cardoza amendment (A002) Agreed to by voice vote. 4/01/2009 PASSED by voice vote select this vote House On agreeing to the Meeks (NY) amendment Failed by voice vote. 4/01/2009 DID NOT PASS by voice vote select this vote House On agreeing to the Bilirakis amendment (A005) Agreed to by voice vote. 4/01/2009 PASSED by voice vote select this vote House On agreeing to the DeFazio amendment (A006) Failed by voice vote. 4/01/2009 DID NOT PASS by voice vote select this vote House Amendment 4 to H.R. 1664 4/01/2009 This amendment PASSED the House 228 voted YES 198 voted NO 10 voted present/not votingselect this vote House Amendment 7 to H.R. 1664 4/01/2009 This amendment PASSED the House 246 voted YES 180 voted NO 10 voted present/not votingcurrently selected House On Passage - House - H.R. 1664 To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards 4/01/2009 This bill PASSED the House 247 voted YES 171 voted NO 12 voted present/not votingAction Date Description Introduced 3/23/2009 3/23/2009 Referred to the House Committee on Financial Services. 3/23/2009 Sponsor introductory remarks on measure. (CR E742) 3/26/2009 Committee Consideration and Mark-up Session Held. Put on a legislative calendar 3/26/2009 Ordered to be Reported (Amended) by the Yeas and Nays: 38 - 22. 3/30/2009 Reported (Amended) by the Committee on Financial Services. H. Rept. 111-64. Put on a legislative calendar 3/30/2009 Placed on the Union Calendar, Calendar No. 28. 3/31/2009 Rules Committee Resolution H. Res. 306 Reported to House. Rule provides for consideration of H.R. 1664 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill. 4/01/2009 Rule H. Res. 306 passed House. 4/01/2009 Considered under the provisions of rule H. Res. 306. 4/01/2009 Rule provides for consideration of H.R. 1664 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill. 4/01/2009 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 306 and Rule XVIII. 4/01/2009 The Speaker designated the Honorable Jesse L. Jackson Jr. to act as Chairman of the Committee. 4/01/2009 GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1664. 4/01/2009 Amendment (A001) offered by Mr. Frank (MA). 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 20 minutes of debate on the Frank amendment. select this vote Vote 4/01/2009 On agreeing to the Frank (MA) amendment (A001) Agreed to by voice vote. 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the Cardoza amendment. 4/01/2009 Amendment (A002) offered by Mr. Cardoza. select this vote Vote 4/01/2009 On agreeing to the Cardoza amendment (A002) Agreed to by voice vote. 4/01/2009 DEBATE - Pursuant ot the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the Meeks (NY) amendment. 4/01/2009 Amendment (A003) offered by Mr. Meeks (NY). select this vote Vote 4/01/2009 On agreeing to the Meeks (NY) amendment Failed by voice vote. 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the Bean amendment. 4/01/2009 Amendment (A004) offered by Ms. Bean. 4/01/2009 POSTPONED PROCEEDINGS - At the conclusion of debate on the Bean amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the noes had prevailed. Ms. Bean demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the Bilirakis amendment. 4/01/2009 Amendment (A005) offered by Mr. Bilirakis. select this vote Vote 4/01/2009 On agreeing to the Bilirakis amendment (A005) Agreed to by voice vote. 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the DeFazio amendment. 4/01/2009 Amendment (A006) offered by Mr. DeFazio. select this vote Vote 4/01/2009 On agreeing to the DeFazio amendment (A006) Failed by voice vote. 4/01/2009 DEBATE - Pursuant to the provisions of H.Res. 306, the Committee of the Whole proceeded with 10 minutes of debate on the Dahlkemper amendment. 4/01/2009 Amendment (A007) offered by Mrs. Dahlkemper. 4/01/2009 POSTPONED PROCEEDINGS - At the conclusion of debate on the Dahlkemper amendment the Chair put the question on adoption of the amendment and by voice vote, announced the noes had prevailed. Mr. Frank (MA) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. 4/01/2009 UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed. select this vote Vote 4/01/2009 Amendment 4 to H.R. 1664 select this vote Vote 4/01/2009 Amendment 7 to H.R. 1664 4/01/2009 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1664. 4/01/2009 The previous question was ordered pursuant to the rule. 4/01/2009 The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. currently selected House Vote on Passage 4/01/2009 On Passage - House - H.R. 1664 To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards 4/02/2009 Received in the Senate. 4/22/2009 Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Put on a legislative calendar 4/23/2009 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 50. Number Sponsor Date Offered Status select this vote H. Amdt. 63 Frank, Barney [D-MA4] April 1, 2009 Passed by voice vote on April 1, 2009. Amendment clarifies that an institution does not become subject to the limitations on compensation in this bill as a result of doing business with an institution that has received a direct capital investment under either the TARP or HERA; exempts severance pay from coverage if the payment is made in the ordinary course to an employee who has been with the institution at least 5 years prior to dismissal, as long as that payment is not greater than the employees annual salary or $250,000; requires that the compensation data which an institution must report annually to the Treasury must include contributions made for the benefit of an employees immediate family members; and creates a Commission on Executive Compensation to study the executive compensation system for recipients of direct capital investments under the TARP and make recommendations for legislative and regulatory action.
select this vote H. Amdt. 64 Cardoza, Dennis [D-CA18] April 1, 2009 Passed by voice vote on April 1, 2009. Amendment allows the Treasury Secretary to exempt financial institutions receiving TARP funds under a specified threshold.
select this vote H. Amdt. 65 Meeks, Gregory [D-NY6] April 1, 2009 Failed by voice vote on April 1, 2009. Amendment exempts from compensation standards any institutions that receive TARP funding or payment agreements entered into before the enactment of the bill.
select this vote H. Amdt. 66 Bean, Melissa [D-IL8] April 1, 2009 Passed by roll call vote on April 1, 2009. Amendment allows institutions that enter into a payment schedule with Treasury on terms set by Treasury to no longer be subject to the bonus and compensation restrictions created by the Act.
select this vote H. Amdt. 67 Bilirakis, Gus [R-FL9] April 1, 2009 Passed by voice vote on April 1, 2009. Amendment clarifies that an institution which is not a TARP recipient will not be subject to the requirements of the bill as a result of doing business with a TARP recipient.
select this vote H. Amdt. 68 DeFazio, Peter [D-OR4] April 1, 2009 Failed by voice vote on April 1, 2009. Amendment sought to amend the Emergency Economic Stabilization Act of 2008 to provide that the shareholder vote on executive compensation packages would be binding upon the board of directors.
select this vote H. Amdt. 69 Dahlkemper, Kathleen [D-PA3] April 1, 2009 Passed by roll call vote on April 1, 2009. Amendment clarifies the definition of executive compensation to include payments made before, during and after employment, and makes explicit that the definition of compensation considered under the standards to be prepared by the Secretary includes payment of money, transfers of property or provision of services.
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