H.R. 3269 - Corporate and Financial Institution Compensation Fairness Act of 2009
- Sponsor:
- Barney Frank
- Summary:
- To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions. (by CRS)
- Status:
- The bill was voted on in the House on July 31, 2009
- Amendments:
- 2 proposed amendments. 1 rejected. View amendments
PASSED on July 31, 2009.
1/2 required to pass
voted YES: 237
voted NO: 185
11 voted present/not voting
Corporate and Financial Institution Compensation Fairness Act of 2009
H.R. 3269 — 111th Congress (2009–2010)
- Summary
- To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions. (by CRS)
- Learn More
- At OpenCongress
- Title
- To amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation and to prevent perverse incentives in the compensation practices of financial institutions.
- Other Titles
- Corporate and Financial Institution Compensation Fairness Act of 2009
- Corporate and Financial Institution Compensation Fairness Act of 2009
- Corporate and Financial Institution Compensation Fairness Act of 2009
- Sponsor
- Barney Frank
- Co-Sponsors
- Subjects
- Finance and financial sector
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business ethics
- Congressional oversight
- Corporate finance and management
- Department of the Treasury
- Employee benefits and pensions
- Federal Deposit Insurance Corporation (FDIC)
- Federal Housing Finance Agency
- Federal Reserve System
- Financial crises and stabilization
- Financial services and investments
- Government investigations
- Government lending and loan guarantees
- Housing finance and home ownership
- Lawyers and legal services
- Manufacturing
- Motor vehicles
- National Credit Union Administration
- Securities
- Securities and Exchange Commission (SEC)
- Wages and earnings
- Related Bills
- Major Actions
Introduced 7/21/2009 Referred to Committee Amendments (2 proposed) Passed House 7/31/2009 - Bill History
-
Chamber/Committee Motion Date Result select this vote House On Agreeing to the Amendment, as Modified: Amendment 1 to H.R. 3269 7/31/2009 This amendment PASSED the House 242 voted YES 178 voted NO 13 voted present/not votingselect this vote House Amendment 2 to H.R. 3269 7/31/2009 This amendment DID NOT PASS the House 179 voted YES 244 voted NO 10 voted present/not votingselect this vote House On Motion to Recommit with Instructions: H.R. 3269 Corporate and Financial Institution Compensation Fairness Act 7/31/2009 This motion DID NOT PASS the House 178 voted YES 244 voted NO 11 voted present/not votingcurrently selected House On Passage - House - H.R. 3269 Corporate and Financial Institution Compensation Fairness Act 7/31/2009 This bill PASSED the House 237 voted YES 185 voted NO 11 voted present/not votingAction Date Description Introduced 7/21/2009 7/21/2009 Referred to the House Committee on Financial Services. 7/28/2009 Committee Consideration and Mark-up Session Held. Put on a legislative calendar 7/28/2009 Ordered to be Reported (Amended) by the Yeas and Nays: 40 - 28. 7/30/2009 Reported (Amended) by the Committee on Financial Services. H. Rept. 111-236. Put on a legislative calendar 7/30/2009 Placed on the Union Calendar, Calendar No. 131. 7/30/2009 Rules Committee Resolution H. Res. 697 Reported to House. Rule provides for consideration of H.R. 3269 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. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived. 7/31/2009 Rule H. Res. 697 passed House. 7/31/2009 Considered under the provisions of rule H. Res. 697. (consideration: CR H9213-9233; text as amendment in the nature of a substitute:CR H9213-9215) 7/31/2009 Rule provides for consideration of H.R. 3269 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. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived. 7/31/2009 DEBATE - The House proceeded with one hour of debate on H.R. 3269. 7/31/2009 DEBATE - The House resumed debate on H.R. 3269. 7/31/2009 Amendment (A001) offered by Mr. Frank (MA). 7/31/2009 DEBATE - Pursuant to the provisions of H.Res. 697, the House proceeded with 10 minutes of debate on the Frank (MA) amendment. 7/31/2009 Frank (MA) amendment (A001) modified by unanimous consent. The amendment, as modified, inserts new text into the "Limitation" provision. The provision is modified to read: ? (f)Limitation- No regulation promulgated pursuant to this section shall be allowed to require the recovery of incentive-basedcompensation under compensation arrangements in effect on the date of enactment of this Act, provided such compensation agreements are for a period of no more than 24 months. Nothing in this Act shall prevent or limit the recovery of incentive-based compensation under any other applicable law. 7/31/2009 POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank (MA) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Price (GA) demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day. 7/31/2009 Amendment (A002) in the nature of a substitute offered by Mr. Garrett (NJ). 7/31/2009 DEBATE - Pursuant to the provisions of H.Res. 697, the House proceeded with 30 minutes of debate on the Garrett (NJ) amendment in the nature of a substitute. 7/31/2009 DEBATE - Mr. Garrett (NJ) asked unanimous consent that debate on the Garrett (NJ) amendment in the nature of a substitute be extended by 10 minutes, equally divided and controlled. Agreed to without objection. 7/31/2009 POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett (NJ) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Garrett (NJ) demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day. 7/31/2009 Considered as unfinished business. select this vote Vote 7/31/2009 On Agreeing to the Amendment, as Modified: Amendment 1 to H.R. 3269 select this vote Vote 7/31/2009 Amendment 2 to H.R. 3269 7/31/2009 Mr. Sessions moved to recommit with instructions to Appropriations. 7/31/2009 DEBATE - The House proceeded with 10 minutes of debate on the Sessions motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House with an amendment to instruct the Security Exchange Commission to identify all persons or entities engaged in activities to influence a vote. select this vote Vote 7/31/2009 On Motion to Recommit with Instructions: H.R. 3269 Corporate and Financial Institution Compensation Fairness Act currently selected House Vote on Passage 7/31/2009 On Passage - House - H.R. 3269 Corporate and Financial Institution Compensation Fairness Act 8/03/2009 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Number Sponsor Date Offered Status select this vote H. Amdt. 409 Frank, Barney [D-MA4] July 31, 2009 Offered on July 30, 2009. Amendment, as offered, strikes provisions prohibiting callbacks of executive compensation approved by shareholders and inserts language prohibiting rules of financial regulators from requiring recovery of incentive-based pay under arrangements in effect on the date of enactment. As modified (page H9226 of the Congressional Record), text is inserted which clarifies that the intent is to prevent the SEC from making inappropriate requirements with respect to executive compensation.
select this vote H. Amdt. 410 Garrett, Scott [R-NJ5] July 31, 2009 Failed by roll call vote on July 31, 2009. Amendment in the nature of a substitute sought to insert a complete new text entitled "Corporate and Financial Institution Compensation Fairness Act of 2009".
Average contributions given to House members from interest groups that…
supported this bill
| Commercial service unions [About] |
| Consumer groups [About] |
opposed this bill
| Republican/Conservative [About] |
| Credit unions [About] |
| Retail trade [About] |
| Manufacturing [About] |
| Chambers of commerce [About] |
| Pro-business associations [About] |
Contributions data source: OpenSecrets.org
