In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[Q]: SECTION 1. FIREFIGHTER ASSISTANCE.

    The first section 33 of the Federal Fire Prevention and Control Act 
of 1974 (15 U.S.C. 2229) is amended to read as follows:

``SEC. 33. FIREFIGHTER ASSISTANCE.

    ``(a) Definition of Firefighting Personnel.--In this section, the 
term `firefighting personnel' means individuals, including volunteers, 
who are firefighters, officers of fire departments, or emergency 
medical service personnel of fire departments.
    ``(b) Assistance Program.--
            ``(1) Authority.--In accordance with this section, the 
        Administrator may--
                    ``(A) make grants on a competitive basis directly 
                to fire departments of a State, in consultation with 
                the chief executive of the State, for the purpose of 
                protecting the health and safety of the public, 
                firefighting personnel, and property against fire and 
                fire-related hazards; and
                    ``(B) provide assistance for fire prevention 
                programs in accordance with paragraph (4).
            ``(2) Office for administration of assistance.--
                    ``(A) Establishment.--Before providing assistance 
                under paragraph (1), the Administrator shall establish 
                an office in the Administration to administer the 
                assistance under this section.
                    ``(B) Included duties.--The duties of the office 
                shall include the following:
                            ``(i) Recipient selection criteria.--To 
                        establish specific criteria for the selection 
                        of recipients of the assistance under this 
                        section, including a requirement for peer 
                        review of the selection process.
                            ``(ii) Grant-writing assistance.--To 
                        provide grant-writing assistance to applicants.
            ``(3) Use of fire department grant funds.--The 
        Administrator may make a grant under paragraph (1)(A) only if 
        the applicant for the grant agrees to use the grant funds for 
        one or more of the following purposes:
                    ``(A) To hire additional firefighting personnel.
                    ``(B) To train firefighting personnel in 
                firefighting, emergency response (including response to 
                a terrorism incident or use of a weapon of mass 
                destruction), arson prevention and detection, or the 
                handling of hazardous materials, or to train 
                firefighting personnel to provide any of the training 
                described in this subparagraph.
                    ``(C) To fund the creation of rapid intervention 
                teams to protect firefighting personnel at the scenes 
                of fires and other emergencies.
                    ``(D) To certify fire inspectors.
                    ``(E) To establish wellness and fitness programs 
                for firefighting personnel to ensure that the 
                firefighting personnel can carry out their duties.
                    ``(F) To fund emergency medical services provided 
                by fire departments.
                    ``(G) To acquire additional firefighting vehicles, 
                including fire trucks.
                    ``(H) To acquire additional firefighting equipment, 
                including equipment for communications, monitoring, and 
                response to a terrorism incident or use of a weapon of 
                mass destruction.
                    ``(I) To acquire personal protective equipment 
                required for firefighting personnel by the Occupational 
                Safety and Health Administration, and other personal 
                protective equipment for firefighting personnel, 
                including protective equipment to respond to a 
                terrorism incident or the use of a weapon of mass 
                destruction.
                    ``(J) To modify fire stations, fire training 
                facilities, and other facilities to protect the health 
                and safety of firefighting personnel.
                    ``(K) To enforce fire codes.
                    ``(L) To fund fire prevention programs.
                    ``(M) To educate the public about arson prevention 
                and detection.
                    ``(N) To provide incentives for the recruitment and 
                retention of volunteer firefighting personnel for 
                volunteer firefighting departments and other 
                firefighting departments that utilize volunteers, 
                including funding to enable training described in 
                subparagraph (B).
            ``(4) Fire prevention programs.--
                    ``(A) In general.--For each fiscal year, the 
                Administrator shall use not less than 5 percent of the 
                funds made available under subsection (e)--
                            ``(i) to make grants to fire departments 
                        for the purpose described in paragraph (3)(L); 
                        and
                            ``(ii) to make grants to, or enter into 
                        contracts or cooperative agreements with, 
                        national, State, local, or community 
                        organizations that are recognized for their 
                        experience and expertise with respect to fire 
                        prevention or fire safety programs and 
                        activities, for the purpose of carrying out 
                        fire prevention programs.
                    ``(B) Priority.--In selecting organizations 
                described in subparagraph (A)(ii) to receive assistance 
                under this paragraph, the Administrator shall give 
                priority to organizations that focus on prevention of 
                injuries to children from fire.
            ``(5) Application.--The Administrator may provide 
        assistance to a fire department or organization under this 
        subsection only if the fire department or organization seeking 
        the assistance submits to the Administrator an application that 
        meets the following requirements:
                    ``(A) Form.--The application shall be in such form 
                as the Administrator may require.
                    ``(B) Information.--The application shall include 
                the following information:
                            ``(i) Financial need.--Information that 
                        demonstrates the financial need of the 
                        applicant for the assistance for which applied. 
                        In allocating funds under this section, the 
                        Administrator shall not discriminate against an 
                        applicant whose funding jurisdiction places a 
                        high budget priority on fire department needs.
                            ``(ii) Cost-benefit analysis.--An analysis 
                        of the costs and benefits, with respect to 
                        public safety, of the use of the assistance.
                            ``(iii) Reporting systems data.--An 
                        agreement to provide information to the 
                        national fire incident reporting system for the 
                        period covered by the assistance.
                            ``(iv) Other information.--Any other 
                        information that the Administrator may require.
            ``(6) Non-federal contribution.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Administrator may provide assistance under this 
                subsection only if the applicant for the assistance 
                agrees to provide 30 percent of the cost of the 
                purposes for which the assistance is sought under this 
                subsection in non-Federal funds for any fiscal year.
                    ``(B) Requirement for small community 
                organizations.--In the case of an applicant whose 
                personnel serve jurisdictions of 50,000 or fewer 
residents, the required non-Federal contribution under subparagraph (A) 
shall be 10 percent.
            ``(7) Maintenance of expenditures.--The Administrator may 
        provide assistance under this subsection only if the applicant 
        for the assistance agrees to maintain in the fiscal year for 
        which the assistance will be received the applicant's aggregate 
        expenditures for the uses described in paragraph (3) or (4) at 
        or above the average level of such expenditures in the two 
        fiscal years preceding the fiscal year for which the assistance 
        will be received.
            ``(8) Report to the administrator.--The Administrator may 
        provide assistance under this subsection only if the applicant 
        for the assistance agrees to submit to the Administrator a 
        report, including a description of how the assistance was used, 
        with respect to each fiscal year for which the assistance was 
        received.
            ``(9) Variety of fire department grant recipients.--The 
        Administrator shall ensure that grants under paragraph (1)(A) 
        for a fiscal year are made to a variety of fire departments, 
        including, to the extent that there are eligible applicants--
                    ``(A) career, volunteer, and combination fire 
                departments;
                    ``(B) fire departments located in communities of 
                varying sizes; and
                    ``(C) fire departments located in urban, suburban, 
                and rural communities.
            ``(10) Grant limitations.--
                    ``(A) Recipient limitation.--A grant recipient 
                under this section may not receive more than $750,000 
                under this section for any fiscal year.
                    ``(B) Limitation on expenditures for firefighting 
                vehicles.--Not more than 25 percent of the funds 
                appropriated to provide grants under this section for a 
                fiscal year may be used to assist grant recipients to 
                purchase vehicles, as authorized by paragraph (3)(G).
            ``(11) Reservation of grant funds for volunteer 
        departments.--In making grants to firefighting departments, the 
        Administrator shall ensure that those firefighting departments 
        that have either all-volunteer forces of firefighting personnel 
        or combined forces of volunteer and career firefighting 
        personnel collectively receive at least a proportion of the 
        total grant funding that equals the proportion of the United 
        States population that those firefighting departments protect.
    ``(c) Audits.--A recipient of a grant under this section shall be 
subject to audits to ensure that the grant proceeds are expended for 
the intended purposes and that the grant recipient complies with the 
requirements of paragraphs (6) and (7) of subsection (b).
    ``(d) State Defined.--In this section, the term `State' includes 
the District of Columbia and the Commonwealth of Puerto Rico.
    ``(e) Authorization of Appropriations.--
            ``(1) In general.--There are authorized to be appropriated 
        to the Administrator $900,000,000 for each of the fiscal years 
        2002 through 2004 for the purposes of this section.
            ``(2) Administrative expenses.--Of the funds appropriated 
        pursuant to paragraph (1) for a fiscal year, the Administrator 
        may use not more than five percent of the funds to cover 
        salaries and expenses and other administrative costs incurred 
        by the Administrator to operate the office established under 
        subsection (b)(2) and make grants and provide assistance under 
        this section.''.

SEC. 2. TECHNICAL AMENDMENTS.

    The second section 33 of the Federal Fire Prevention and Control 
Act of 1974 (15 U.S.C. 2230) and section 34 of that Act (15 U.S.C. 
2231) are redesignated as sections 34 and 35, respectively.
[A]: Amends the Federal Fire Prevention and Control Act of 1974 with respect to competitive grants to fire departments by the Federal Emergency Management Agency's (FEMA's) U.S. Fire Administration. Adds protection of property to the list of grant purposes.Requires the grant administration office to require peer review of the grant recipient selection process.Adds funding for training as a volunteer recruitment and retention incentive among the proper uses of grant funds.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``9/11 Can You Hear Me Now Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) After two terrorist attacks it is time to fix the 
        communications system for the New York City Fire Department.
            (2) During its response to the 1993 bombing of the World 
        Trade Center in New York City, the New York City Fire 
        Department's radios did not work in the twin towers of the 
        World Trade Center. The resulting lack of communication 
        complicated operations but did not result in the death of any 
        firefighter.
            (3) Eight years later, on September 11, 2001, the World 
        Trade Center was attacked again and the fire department's radio 
        system failed again.
            (4) Soon before the collapse of Tower One of the World 
        Trade Center, fire department officials tried in vain to radio 
        firefighters to evacuate the building.
            (5) The firefighters' radio system failed the firefighters 
        in Tower One and as a result many were not able to receive this 
        warning. The failure of the radio system was largely 
        responsible for the death of many of the 343 firefighters who 
        died in the collapse of the World Trade Center twin towers.
            (6) Since September 11, 2001, the fire department has taken 
        steps to improve the communications system that failed them. 
        However, many tall buildings in New York City have not 
        installed repeaters that are needed to boost signals, and the 
        signals are often lost in high-rise buildings and underground.
            (7) In August 2003, New York City experienced a blackout. 
        During the blackout the fire department's radio system was 
        again found not to work reliably during emergency situations or 
        in high buildings.
            (8) The dispatch system currently used by the New York City 
        Fire Department was acquired in the early 1970s and hampers the 
        ability of the department to fully communicate with its 
        firefighters and provide appropriate detailed information about 
        the buildings and locations to which they respond.
            (9) Since the terrorist attacks of September 11, 2001, 
        executive branch officials have repeatedly warned that future 
        terror attacks are not a matter of if, but when. The Secretary 
        of Homeland Security has identified New York City as one of the 
        main terrorist targets.
            (10) With New York City remaining a top terrorist target, 
        such communications system should be a national priority.
            (11) A new state-of-the-art communications system and 
        upgrades to the critical information dispatch system for the 
        New York City Fire Department should be--
                    (A) seamless from the receipt of a 911 call to the 
                dispatch of the firefighter; and
                    (B) interoperable with other public safety offices 
                within the City of New York.

SEC. 3. REQUIREMENT TO PROCURE COMMUNICATIONS SYSTEM FOR NEW YORK CITY 
              FIRE DEPARTMENT.

    (a) In General.--The Secretary of Homeland Security shall, by not 
later than 1 year after the date of the enactment of this Act, procure 
development and provision of a communications system for the New York 
City Fire Department, including appropriate radios for the entire 
department and upgrades to the critical information dispatch system of 
the department.
    (b) Requirements.--
            (1) Radios.--Radios procured pursuant to this section must 
        be capable of operating in all locations, and under all 
        conditions, in which firefighters can reasonably be expected to 
        work in responding to an emergency in New York City.
            (2) Supplemental communication device.--Any communications 
        system procured pursuant to this section must include provision 
        to each firefighter of a supplemental radio communication 
        device that--
                    (A) allows the firefighter to transmit audio and 
                radio emergency notification warning signals to other 
                firefighters whenever the firefighter is in distress 
                and in immediate need of assistance; and
                    (B) has the capability to operate automatically in 
                a passive mode by transmitting audio and radio messages 
                that will relay the firefighter's identification and 
                location if the firefighter--
                            (i) becomes incapacitated and motionless; 
                        and
                            (ii) is unable to physically transmit a 
                        call for help.
            (3) Dispatch system.--Upgrades to the critical information 
        dispatch system procured pursuant to this section must--
                    (A) allow the fire department to communicate with 
                firefighters in all locations, and under all 
                conditions, in which firefighters can reasonably be 
                expected to work in responding to an emergency in New 
                York City, including all high-rise buildings and 
                subways;
                    (B) provide useful, detailed data concerning all 
                likely terrorist target locations in the City of New 
                York; and
                    (C) be capable of providing to responding 
                firefighters, instantaneously, details about particular 
                buildings and other locations to assist them in making 
                decisions about how to mitigate a terrorist attack and 
                save lives and property.
    (c) Testing.--Radios, any dispatch system upgrades, and 
supplemental communication devices procured pursuant to this section 
must have been tested to ensure they will operate in all locations and 
under all conditions in which firefighters can reasonably be expected 
to work in responding to an emergency in New York City.
    (d) Coordination.--In carrying out this section the Secretary shall 
coordinate with the City of New York to ensure that the communications 
system procured under this section is--
            (1) compatible with the plans of the City of New York to 
        upgrade its 911 system; and
            (2) interoperable with other public safety communications 
        systems.
    (e) Progress Report.--The Secretary shall submit to the Congress a 
report on progress made in carrying out this section, on--
            (1) February 26, 2008; and
            (2) September 11, 2008.
[A]: 9/11 Can You Hear Me Now Act - Directs the Secretary of Homeland Security to procure development and provision of a communications system for the New York City Fire Department, including appropriate radios and upgrades to the Department's critical information dispatch system that allow communication in all locations and under all conditions in which firefighters can reasonably be expected to work, including all high-rise buildings and subways.

Directs that any communications system procured include provision to each firefighter of a supplemental radio communication device that: (1) allows the firefighter to transmit emergency notification warning signals to other firefighters; and (2) has the capability to operate automatically by transmitting messages that will relay an incapacitated firefighter's identification and location.

Requires that upgrades procured: (1) provide useful, detailed data concerning all likely terrorist target locations in the city; and (2) be capable of providing to responding firefighters, instantaneously, details about particular buildings and other locations to assist in making decisions about how to mitigate a terrorist attack.

Requires that: (1) radios, any dispatch system upgrades, and supplemental communication devices procured be tested; and (2) the Secretary coordinate with the city to ensure that the communications system procured is compatible with city plans to upgrade its 911 system and interoperable with other public safety communications systems.


[Q]: SECTION 1. PROHIBITION ON CERTAIN COMPENSATION.

    (a) Prohibition on Certain Compensation Not Based on Performance 
Standards.--Section 111 of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5221) is amended by redesignating subsections (e) 
through (h) as subsections (f) through (i), and inserting after 
subsection (d) the following:
    ``(e) Prohibition on Certain Compensation Not Based on Performance 
Standards.--
            ``(1) Prohibition.--No financial institution that has 
        received or receives a direct capital investment under the 
        Troubled Assets Relief Program under this title, or with 
        respect to the Federal National Mortgage Association, the 
        Federal Home Loan Mortgage Corporation, or a Federal home loan 
        bank, under the amendments made by section 1117 of the Housing 
        and Economic Recovery Act of 2008, may, while that capital 
        investment remains outstanding, make a compensation payment, 
        other than a longevity bonus or a payment in the form of 
        restricted stock, to any executive or employee under any 
        existing compensation arrangement, or enter into a new 
        compensation payment arrangement, if such compensation payment 
        or compensation payment arrangement--
                    ``(A) provides for compensation that is 
                unreasonable or excessive, as defined in standards 
                established by the Secretary, in consultation with the 
                Chairperson of the Congressional Oversight Panel 
                established under section 125, in accordance with 
                paragraph (2); or
                    ``(B) includes any bonus or other supplemental 
                payment, whether payable before employment, during 
                employment, or after termination of employment, that is 
                not directly based on performance-based measures set 
                forth in standards established by the Secretary in 
                accordance with paragraph (2).
        An institution shall not become subject to the requirements of 
        this paragraph as a result of doing business with a recipient 
        of a direct capital investment under the TARP or under the 
        amendments made by the Housing and Economic Recovery Act of 
        2008.
            ``(2) Standards.--Not later than 30 days after the date of 
        enactment of this subsection, the Secretary, with the approval 
        of the agencies that are members of the Federal Financial 
        Institutions Examination Council, and in consultation with the 
        Chairperson of the Congressional Oversight Panel established 
        under section 125, shall establish the following:
                    ``(A) Unreasonable and excessive compensation 
                standards.--Standards that define `unreasonable or 
                excessive' for purposes of subparagraph (1)(A).
                    ``(B) Performance-based standards.--Standards for 
                performance-based measures that a financial institution 
                must apply when determining whether it may provide a 
                bonus or retention payment under paragraph (1)(B). Such 
                performance measures shall include--
                            ``(i) the stability of the financial 
                        institution and its ability to repay or begin 
                        repaying the United States for any capital 
                        investment received under this title;
                            ``(ii) the performance of the individual 
                        executive or employee to whom the payment 
                        relates;
                            ``(iii) adherence by executives and 
                        employees to appropriate risk management 
                        requirements; and
                            ``(iv) other standards which provide 
                        greater accountability to shareholders and 
                        taxpayers.
            ``(3) Clarification relating to severance pay.--For 
        purposes of this subsection, a compensation payment or 
        compensation payment arrangement shall not include a severance 
        payment paid by an employer in the ordinary course of business 
        to an employee who has been employed by the employer for a 
        minimum of 5 years upon dismissal of that employee, unless such 
        severance payment is in an amount greater than the annual 
        salary of such employee or $250,000.
            ``(4) Conditional exemption.--
                    ``(A) Repayment agreement.--Paragraph (1) shall not 
                apply to a financial institution that has entered into 
                a comprehensive agreement with the Secretary to repay 
                the United States, in accordance with a schedule and 
                terms established by the Secretary, all outstanding 
                amounts of any direct capital investment or investments 
                received by such institution under this title.
                    ``(B) Default.--If the Secretary determines that an 
                institution that has entered into an agreement as 
                provided for in subparagraph (A) has defaulted on such 
                agreement, the Secretary shall require that any 
                compensation payments made by such institution that 
                would have been subject to paragraph (1) if the 
                institution had not entered into such an agreement be 
                surrendered to the Treasury.
            ``(5) Reporting requirement.--
                    ``(A) In general.--Any financial institution that 
                is subject to the requirements of paragraph (1) shall, 
                not later than 90 days after the date of enactment of 
                this subsection and annually on March 31 each year 
                thereafter, transmit to the Secretary, who shall make a 
                report which states how many persons (officers, 
                directors, and employees) received or will receive 
                total compensation in that fiscal year in each of the 
                following amounts:
                            ``(i) over $500,000;
                            ``(ii) over $1,000,000;
                            ``(iii) over $2,000,000;
                            ``(iv) over $3,000,000; and
                            ``(v) over $5,000,000.
                The report shall distinguish amounts the institution 
                considers to be a bonus and the reason for such 
                distinction. The name or identity of persons receiving 
                compensation in such amounts shall not be required in 
                such reports. The Secretary shall make such reports 
                available on the Internet. Any financial institution 
                subject to this paragraph shall issue a retrospective 
                annual report for 2008 and both a prospective and 
                retrospective annual report for each subsequent 
                calendar year until such institution ceases to be 
                subject to this paragraph.
                    ``(B) Total compensation defined.--For purposes of 
                this paragraph, the term `total compensation' includes 
                all cash payments (including without limitation salary, 
                bonus, retention payments), all transfers of property, 
                stock options, sales of stock, and all contributions by 
                the company (or its affiliates) for that person's 
                benefit or for the benefit of that person's immediate 
                family members.
            ``(6) Community financial institution exemption.--
                    ``(A) In general.--The Secretary may exempt 
                community financial institutions from any of the 
                requirements of this subsection, when the Secretary 
                finds that such an exemption is consistent with the 
                purposes of this subsection.
                    ``(B) Community financial institution defined.--For 
                the purposes of this paragraph, the term `community 
                financial institution' means a financial institution 
                that receives or received a direct capital investment 
                under the Troubled Asset Relief Program under this 
                title of not more than $250,000,000.
            ``(7) Compensation considerations under the standards.--In 
        establishing standards under this subsection, the Secretary 
        shall consider as compensation any transfer of property, 
        payment of money, or provision of services by the financial 
        institution that causes any increase in wealth on the part of 
        an executive or employee.''.
    (b) Revision to Rule of Construction.--Section 111(b)(3)(D)(iii) of 
the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
5221(b)(3)(D)(iii)) is amended by inserting before the period the 
following: ``, except that an entity subject to subsection (e) may not, 
while a capital investment described in that subsection remains 
outstanding, pay a bonus or other supplemental payment that is 
otherwise prohibited by clause (i) without regard to when the 
arrangement to pay such a bonus was entered into''.

SEC. 2. EXECUTIVE COMPENSATION COMMISSION.

    Section 111 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5221), as amended by section 1, is further amended by adding at 
the end the following new subsection:
    ``(j) Executive Compensation Commission.--
            ``(1) Establishment.--There is hereby established a 
        commission to be known as the `Commission on Executive 
        Compensation' (hereinafter in this subsection referred to as 
        the `Commission').
            ``(2) Duties.--
                    ``(A) Study required.--The Commission shall conduct 
                a study of the executive compensation system for 
                recipients of a direct capital investment under the 
                TARP. In conducting such study, the Commission shall 
                examine--
                            ``(i) how closely executive pay is 
                        currently linked to company performance;
                            ``(ii) how closely executive pay has been 
                        linked to company performance in the past;
                            ``(iii) how executive pay can be more 
                        closely linked to company performance in the 
                        future;
                            ``(iv) the factors influencing executive 
                        pay; and
                            ``(v) how current executive pay incentives 
                        affect executive behavior.
                    ``(B) Consideration of proposals.--The Commission 
                shall consider, in addition to any recommendations made 
                by members of the Commission or outside advisers, the 
                effects of implementing increased shareholder voice in 
                executive compensation.
            ``(3) Report.--
                    ``(A) In general.--Not later than 90 days after the 
                date on which all members of the Commission have been 
                appointed, the Commission shall deliver a report to the 
                President and to the Congress containing--
                            ``(i) recommendations for legislative 
                        action;
                            ``(ii) recommendations for executive 
                        action, including actions taken by the 
                        Department of the Treasury or any other agency 
                        for which the Commission has recommendations; 
                        and
                            ``(iii) recommendations for voluntary 
                        actions to be taken by recipients of a direct 
                        capital investment under the TARP.
                    ``(B) Minority views.--The report required under 
                subparagraph (A) shall be accompanied by any separate 
                recommendations that members of the Commission wish to 
                make, but that were not agreed upon by the Commission 
                for purposes of the report required under subparagraph 
                (A). Such separate recommendations must take the form 
                of a proposal for aligning executive pay with the long-
                term health of the company.
            ``(4) Composition.--
                    ``(A) The Commission shall be composed of 9 
                members, appointed as follows:
                            ``(i) 1 member appointed by the Council of 
                        Economic Advisers.
                            ``(ii) 1 member appointed by the Speaker of 
                        the House of Representatives.
                            ``(iii) 1 member appointed by the Senate 
                        Majority Leader.
                            ``(iv) 1 member appointed by the House 
                        Minority Leader.
                            ``(v) 1 member appointed by the Senate 
                        Minority Leader.
                            ``(vi) 1 member appointed by the Chairman 
                        of the Financial Services Committee of the 
                        House of Representatives.
                            ``(vii) 1 member appointed by the Ranking 
                        Member of the Financial Services Committee of 
                        the House of Representatives.
                            ``(viii) 1 member appointed by the Chairman 
                        of the Banking, Housing, and Urban Affairs 
                        Committee of the Senate.
                            ``(ix) 1 member appointed by the Ranking 
                        Member of the Banking, Housing, and Urban 
                        Affairs Committee of the Senate.
                    ``(B) Each appointing entity shall name its member 
                within 21 days of the date of the enactment of this 
                subsection.
                    ``(C) Any vacancy in the Commission shall be filled 
                in the same manner as the original appointment.
            ``(5) Activities.--
                    ``(A) The Chairman of the Financial Services 
                Committee of the House of Representatives shall select 
                one member to serve as the Chairman of the Commission, 
                and such Chairman will call to order the first meeting 
                of the Commission within 10 business days after the 
                date on which all members of the Commission have been 
                appointed.
                    ``(B) The Commission shall meet at least once every 
                30 days and may meet more frequently at the discretion 
                of the Chairman.
                    ``(C) The Commission shall solicit and consider 
                policy proposals from Members of Congress, the 
                financial sector, academia and other fields as the 
                Commission deems necessary.
                    ``(D) The Commission shall hold at least two public 
                hearings, and may hold more at the discretion of the 
                Chairman.
            ``(6) Actions by the commission.--A decision of a majority 
        of commissioners present at a meeting of the Commission shall 
        constitute the decision of the Commission where the Commission 
        is given discretion to act, including but not limited to, 
        recommendations to be made in the report described in paragraph 
        3.
            ``(7) Staff.--The Chair may hire at his or her discretion 
        up to seven professional staff members.
            ``(8) Termination.--The Commission shall terminate 30 days 
        after the date on which the Commission submits its report to 
        the President and the Congress under paragraph 3.
            ``(9) Authorization of appropriations.--There are 
        authorized to be appropriated such sums as may be necessary to 
        carry out this subsection.''.

            Passed the House of Representatives April 1, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
[A]:
(Sec. 1) Amends the Emergency Economic Stabilization Act of 2008 (EESA) to prohibit a financial institution that receives or has received a direct capital investment under the Troubled Asset Relief Program (TARP) (or with respect to the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], or a federal home loan bank, under the Housing and Economic Recovery Act of 2008) from making a compensation payment (other than a longevity bonus or a payment in the form of restricted stock) to an executive or employee under a preexisting compensation arrangement, or from entering into a new compensation payment arrangement, while that capital investment remains outstanding, if such compensation: (1) is unreasonable or excessive according to standards established by the Secretary of the Treasury in consultation with the Chairperson of the Congressional Oversight Panel; or (2) includes any bonus or other supplemental payment, whether payable before employment, during employment, or after termination of employment, that is not directly based upon such standards.

Declares such prohibition inapplicable to an institution that did business with a recipient of a direct capital investment under the TARP, or under amendments made by the Housing and Economic Recovery Act of 2008.

Instructs the Secretary, with the approval of the agencies that are members of the Federal Financial Institutions Examination Council, and in consultation with the Chairperson of the Congressional Oversight Panel, to establish standards governing: (1) unreasonable and excessive compensation; and (2) performance-based measures that a financial institution must apply when determining whether it may provide a bonus or retention payment.

Excludes from the meaning of compensation payment under this Act any severance payment paid upon the employee's dismissal by an employer in the ordinary course of business to an employee who has been employed for a minimum of five years, unless such severance payment is greater than the employee's annual salary or $250,000.

States that the prohibition against certain compensation not based upon performance standards does not apply to a financial institution that has entered into an agreement with the Secretary to repay the United States all outstanding amounts of any direct capital investment or investments it has received under this Act. Declares, however, that if an institution defaults on such an agreement, the Secretary shall require the institution to surrender to the Treasury the compensation payments that would have been subject to such prohibition.

Requires financial institutions subject to this Act to report annually to the Secretary how many officers, directors, and employees received or will receive total compensation over each of five specified thresholds in that fiscal year.

Requires such report to distinguish amounts an institution considers to be a bonus and the reason for such distinction. Authorizes the Secretary to exempt community financial institutions from the requirements of this Act.

Defines total compensation as all cash payments (including without limitation salary, bonus, and retention payments), all transfers of property, stock options, sales of stock, and all contributions by the company (or its affiliates) for a person's benefit or for the benefit of that person's immediate family members.

States that the identity of persons receiving compensation in such amounts shall not be required in such reports.

Directs the Secretary to make such reports available on the Internet.

Requires a financial institution, while subject to this Act, to issue: (1) a retrospective annual report for 2008; and (2) both a prospective and retrospective annual report for each subsequent calendar year.

States that, for a financial institution that has received or receives a direct capital investment under TARP, while such investment remains outstanding, no otherwise prohibited bonus or other supplemental payment may be paid to employees or executives without regard to when the arrangement to pay such a bonus was entered into.

(Sec. 2) Establishes the Commission on Executive Compensation to study and report to the President and Congress on the executive compensation system for recipients of a direct capital investment under the TARP. Requires the report's recommendations for executive action and voluntary recipient actions to be accompanied by any separate minority view recommendations that members of the Commission wish to make, but that were not agreed upon by the Commission for the report.



Authorizes appropriations.