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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3693 Introduced in Senate (IS)]

110th CONGRESS
  2d Session
                                S. 3693

  To limit the amount of compensation for employees and executives of 
    financial institutions assisted under the Troubled Asset Relief 
                    Program, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           November 19, 2008

Mr. Sanders (for himself, Mrs. Lincoln, and Mrs. Boxer) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
  To limit the amount of compensation for employees and executives of 
    financial institutions assisted under the Troubled Asset Relief 
                    Program, and for other purposes.

    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 ``Stop the Greed on Wall Street Act''.

SEC. 2. AMENDMENTS TO TARP.

    Section 111 of the Emergency Economic Stabilization Act of 2008 
(Public Law 110-343) is amended by striking subsections (b) and (c) and 
inserting the following:
    ``(b) Limits on Compensation.--
            ``(1) In general.--Notwithstanding any other provision of 
        law or agreement to the contrary, no employee or executive of a 
        financial institution that is assisted under the TARP may 
        receive aggregate annual compensation, in any form, from the 
        financial institution in an amount in excess of the amount paid 
        to the President of the United States in accordance with 
        section 102 of title 3 of the United States Code.
            ``(2) Previous compensation applied to aggregate.--If an 
        employee or executive of a financial institution that is 
        assisted under the TARP has received aggregate annual 
        compensation in excess of the amount paid to the President, as 
        described in paragraph (1), for a calendar year prior to the 
        date on which the financial institution first receives 
        assistance under the TARP, such employee or executive shall be 
        prohibited from receiving any further compensation for such 
        service during that calendar year.
            ``(3) Definition.--For purposes of this section, `aggregate 
        annual compensation' includes bonuses, deferred compensation, 
        stock options, securities, or any other form of compensation 
        provided to an employee or executive.
    ``(c) Reimbursement of Funds.--If a financial institution assisted 
under the TARP elects not to comply with the requirements of subsection 
(b), such financial institution shall immediately reimburse the 
Secretary for any amounts that it received under the TARP to that 
point. Such reimbursed funds shall be used by the Secretary for 
foreclosure mitigation efforts, as determined appropriate by the 
Secretary and in accordance with this Act.''.
                                 <all>
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