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103D CONGRESS

1ST SESSION H. R. 1725

To limit excessive compensation and bonuses paid by the Resolution Trust

Corporation and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

APRIL 20, 1993

Mr. BACHUS of Alabama (for himself, Mr. BEVILL, Mr. DEAL, Mr. JOHNSON

of Georgia, Mr. EWING, Mr. BARRETT of Wisconsin, Mr. RIDGE, Mr.

SAM JOHNSON of Texas, Mr. CRAMER, Mr. ROYCE, Mr. POMBO, Mr.

HILLIARD, Mr. BLUTE, Mrs. FOWLER, Mr. DUNCAN, Mr. EVERETT, Mr.

KING, Mr. CALLAHAN, and Mr. BROWDER) introduced the following bill;

which was referred to the Committee on Banking, Finance and Urban

Affairs

A BILL

To limit excessive compensation and bonuses paid by the

Resolution Trust Corporation and for other purposes.

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

3 SECTION 1. SHORT TITLE.

4 This Act shall be cited as the ‘‘Resolution Trust Cor5 poration Compensation Reform Act of 1993’’.
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1 SEC. 2. RTC COMPENSATION REFORM.

2 Section 21A of the Federal Home Loan Bank Act

3 (12 U.S.C. § 1441a) is amended by adding the following

4 new subsection:

5 ‘‘(x) LIMITATIONS ON EXCESSIVE COMPENSATION.—

6 ‘‘(1) COMPENSATION.—Notwithstanding any

7 other provision of this Act, no employee of the

8 Thrift Depositor Protection Oversight Board and no

9 employee that the Resolution Trust Corporation may

10 use from the Federal Deposit Insurance Corporation

11 pursuant to subsection (b)(8) of this section, may

12 receive a total amount of allowances, benefits, com13 pensation, and pay differentials, including bonuses

14 and other awards, in excess of the total amount of

15 allowances, benefits, compensation, and pay differen16 tials, including bonuses and other awards, which

17 may be provided to the Chief Executive Officer of

18 the Corporation or any other officer holding a posi19 tion at level III of the Executive Schedule.

20 ‘‘(2) BONUSES.—Notwithstanding any other

21 provision of this Act, no employee of the Thrift De22 positor Protection Oversight Board and no employee

23 that the Resolution Trust Corporation may use from

24 the Federal Deposit Insurance Corporation pursuant

25 to subsection (b)(8) of this section, may receive any

26 bonus or other award, unless such bonus or award
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1 is given in conformity with the requirements of

2 chapter 45 of title 5, United States Code.

3 ‘‘(3) REGIONAL PAY DIFFERENTIAL.—Notwith4 standing any other provision of this Act, no em5 ployee of the Thrift Depositor Protection Oversight

6 Board and no employee that the Resolution Trust

7 Corporation may use from the Federal Deposit In8 surance Corporation pursuant to subsection (b)(8) of

9 this section, may receive any locality based com10 parability payment or any other form of regional pay

11 differential, unless such payment or pay differential

12 is made in conformity with title 5, United States

13 Code.’’.

14 SEC. 3. FDIC COMPENSATION REFORM.

15 The Federal Deposit Insurance Act (12 U.S.C. 1811

16 et seq.) is amended by adding the following new section:

17 ‘‘SEC. 44. LIMITATIONS ON EXCESSIVE COMPENSATION.

18 ‘‘(a) COMPENSATION.—Notwithstanding any other

19 provision of this Act, no employee of Corporation may re20 ceive a total amount of allowances, benefits, compensation,

21 and pay differentials, including bonuses and other awards,

22 in excess of the total amount of allowances, benefits, com23 pensation, and pay differentials, including bonuses and

24 other awards, which may be provided to the Chairperson
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1 of the Corporation or any other officer holding a position

2 at level III of the executive schedule.

3 ‘‘(b) BONUSES.—Notwithstanding any other provi4 sion of this Act, no employee of the Corporation may re5 ceive any bonus or other award, unless such bonus or

6 award is given in conformity with the requirements of

7 chapter 45 of title 5, United States Code.

8 ‘‘(c) REGIONAL PAY DIFFERENTIAL.—Notwithstand9 ing any other provision of this Act, no employee of the

10 Corporation may receive any locality based comparability

11 payment or any other form of regional pay differential,

12 unless such payment or pay differential is made in con13 formity with title 5, United States Code.’’.

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