I 

111TH CONGRESS 

1ST SESSION H. R. 1577 

To require the Secretary of the Treasury to pursue every legal means to 

stay or recoup certain incentive bonus payments and retention payments 

made by American International Group, Inc. to its executives and employees, and to require the Secretary’s approval of such payments by any 

financial institution who receives funds under title I of the Emergency 

Economic Stabilization Act of 2008. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 18, 2009 

Mr. PAULSEN (for himself, Mr. LANCE, Mr. LEE of New York, Mr. ROE of 

Tennessee, Mr. POSEY, Mr. GUTHRIE, Mr. SCHOCK, Mr. MCCLINTOCK, 

Mr. OLSON, Ms. JENKINS, Mr. LUETKEMEYER, Mr. ROONEY, Mr. 

THOMPSON of Pennsylvania, Mr. CAO, Mrs. LUMMIS, Mr. CHAFFETZ, Mr. 

AUSTRIA, Mr. HARPER, Mr. HUNTER, Mr. COFFMAN of Colorado, Mr. 

CASSIDY, Mr. FLEMING, and Mr. CONNOLLY of Virginia) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To require the Secretary of the Treasury to pursue every 

legal means to stay or recoup certain incentive bonus 

payments and retention payments made by American 

International Group, Inc. to its executives and employees, 

and to require the Secretary’s approval of such payments 

by any financial institution who receives funds under 

title I of the Emergency Economic Stabilization Act of 

2008. 


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•HR 1577 IH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. PLAN TO PURSUE CERTAIN PAYMENTS TO EX4 ECUTIVES. 

5 Notwithstanding any other provision of law, not later 

6 than 2 weeks after the date of enactment of this Act, the 

7 Secretary of the Treasury shall establish a plan to pursue 

8 every legal means to stay or recoup incentive bonus pay9 ments and retention payments made after September 16, 

10 2008, by American International Group, Inc. to its execu11 tives and employees. 

12 SEC. 2. CONDITION ON FURTHER ASSISTANCE. 

13 The Secretary of the Treasury shall not authorize any 

14 payment or other provision of Federal assistance to Amer15 ican International Group, Inc., unless the executives and 

16 employees then employed by American International 

17 Group, Inc. surrender to the Treasury any incentive bonus 

18 payments and retention payments received by such execu19 tives and employees after September 16, 2008. 

20 SEC. 3. PROHIBITION ON CERTAIN PAYMENTS WITHOUT 

21 TREASURY APPROVAL. 

22 Notwithstanding any other provision of law, the Sec23 retary of the Treasury shall require any financial institu24 tion that has received any assistance under title I of the 

25 Emergency Economic Stabilization Act of 2008, and that 


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•HR 1577 IH

1 has not repaid in full such assistance not later than two 

2 weeks after the date of enactment of this Act, to submit 

3 a incentive bonus and retention payment plan for approval 

4 by the Secretary before making any incentive bonus pay5 ment or retention payment to any executive or employee. 

6 SEC. 4. PROHIBITION ON CERTAIN CONTRACTS WITHOUT 

7 TREASURY APPROVAL. 

8 Notwithstanding any other provision of law, the Sec9 retary of the Treasury shall require any financial institu10 tion that has received any assistance under title I of the 

11 Emergency Economic Stabilization Act of 2008, and that 

12 has not repaid in full such assistance not later than two 

13 weeks after the date of enactment of this Act, to submit 

14 for approval by the Secretary any contract which provides 

15 for the payment of incentive compensation or bonus or re16 tention payments to any executive or employee of such fi17 nancial institution before such institution enters into such 

18 contract. 

Æ 


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