IB 
Union Calendar No. 20 
111TH CONGRESS 
1ST SESSION H. R. 1575 
[Report No. 111–50] 
To authorize the Attorney General to limit or recover excessive compensation 
paid or payable by entities that have received Federal financial assistance 
on or after September 1, 2008. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 17, 2009 
Mr. CONYERS (for himself, Mr. COHEN, Mr. NADLER of New York, Mr. 
DELAHUNT, Mr. JOHNSON of Georgia, Mr. PIERLUISI, Ms. FUDGE, and 
Mr. TONKO) introduced the following bill; which was referred to the Com-
mittee on the Judiciary 
MARCH 24, 2009 
Additional sponsors: Ms. WASSERMAN SCHULTZ, Mr. BOSWELL, Mr. BACA, 
Ms. JACKSON-LEE of Texas, Ms. ESHOO, Ms. HIRONO, and Mr. SHERMAN 
MARCH 24, 2009 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
A BILL 
To authorize the Attorney General to limit or recover exces-
sive compensation paid or payable by entities that have 
received Federal financial assistance on or after Sep-
tember 1, 2008. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘End Government Re-
imbursement of Excessive Executive Disbursements (End 
GREED) Act’’. 
SEC. 2. STATEMENT OF AUTHORITY. 
Congress hereby elects to use its authority under arti-
cle I, section 8, clause 4, and article I, section 8, clause 
18, of the Constitution— 
(1) to establish a uniform law on bankruptcy 
that applies to entities that have received extraor-
dinary financial assistance from the United States 
on or after September 1, 2008, and 
(2) to authorize the Attorney General of the 
United States (hereinafter in this Act referred to as 
the Attorney General), after consultation with the 
Secretary of the Treasury (hereinafter in this Act 
referred to as the Secretary)— 
(A) to seek recovery of previous excessive 
payments of compensation made by such enti-
ties after receiving such assistance, and 
(B) to limit excessive payments of com-
pensation to be made by such entities. 
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SEC. 3. RECOVERY OF EXCESSIVE COMPENSATION. 
(a) REVIEW OF CONTRACTS AND PAYMENTS.—The 
Attorney General, after consultation with the Secretary, 
on behalf of the Government may review any employment 
contract made by a recipient entity, and any payment 
made on or after September 1, 2008, by a recipient entity 
to an employee. 
(b) CIVIL ACTION FOR FRAUDULENT TRANSFER.— 
The Attorney General may commence a civil action in an 
appropriate district court of the United States to avoid 
any payment made by a recipient entity to an employee 
(including a payment under an employment contract) that 
was made on or after September 1, 2008, if such entity 
received less than a reasonably equivalent value in ex-
change for such payment and such entity— 
(1) was insolvent on the date that such pay-
ment was made, not taking into account any— 
(A) line of credit, 
(B) loan, or 
(C) payment in exchange for stock of such 
entity, 
received by such entity from the United States on or 
after September 1, 2008, or 
(2) was engaged in business or a transaction, or 
was about to engage in business or a transaction, for 
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which property remaining in the recipient entity was 
an unreasonably small capital. 
For purposes of this subsection, the Attorney General may 
avoid any transfer of an interest of a recipient entity in 
property, or any obligation incurred by such entity, that 
is avoidable under applicable law by a creditor holding an 
unsecured claim against such entity. 
(c) CIVIL ACTION TO AVOID CONTRACTUAL OBLIGA-
TIONS TO PAY EXCESSIVE COMPENSATION.—The Attor-
ney General may commence a civil action in an appro-
priate district court of the United States to limit the 
amount of the compensation paid or payable on or after 
the date of the enactment of this Act by a recipient entity 
under an employment contract if such compensation is 
greater than an amount equal to 10 times the amount of 
the mean amount of compensation paid or payable to non-
management employees of such entity for any purpose 
during the calendar year in which compensation was paid 
or payable by such entity. 
SEC. 4. SUBPOENA AUTHORITY. 
The Attorney General is authorized to issue a sub-
poena requiring the attendance and testimony of witnesses 
and the production of documentary evidence relating to 
any matter relevant to the implementation of this Act, in-
cluding the circumstances surrounding any employment 
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contract or payment of compensation, which subpoena, in 
the case of contumacy or refusal to obey, shall be enforce-
able by order of an appropriate district court of the United 
States. 
SEC. 5. RULE OF CONSTRUCTION. 
Other than limiting compensation paid or payable 
under employment contracts or providing for the recovery 
of previously paid compensation, nothing in this Act shall 
be construed to have any impact on a recipient entity, its 
financial status, or the financial status of its creditors. 
SEC. 6. DEFINITIONS. 
For purposes of this Act— 
(1) the term ‘‘employment contract’’ means an 
employment contract that provides for the payment 
of compensation (including performance or incentive 
compensation, a bonus of any kind, or any other fi-
nancial return designed to replace or enhance incen-
tive, stock, or other compensation), and 
(2) the term ‘‘recipient entity’’ means a person 
(including any subsidiary of such person) that re-
ceives, during any period beginning on or after Sep-
tember 1, 2008, from the United States— 
(A) a line of credit or a loan, 
(B) a payment in exchange for stock of 
such person (or such subsidiary), or 
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(C) any combination of credit, loans, or 
payments, 
that exceeds $10,000,000,000 in the aggregate. 
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Union Calendar No. 20 
111TH CONGRESS 
1ST SESSION 
H. R. 1575 
[Report No. 111–50] 
A BILL 
To authorize the Attorney General to limit or re-
cover excessive compensation paid or payable by 
entities that have received Federal financial as-
sistance on or after September 1, 2008. 
MARCH 24, 2009 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Nov 24 2008 
23:21 Mar 24, 2009
Jkt 079200
PO 00000
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