Mercer Select US - House panel votes to curb bonuses at TARP firms

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House panel votes to curb bonuses at TARP firms

The House Financial Services Committee has passed a bill to bar any company that received a cash infusion through TARP from paying bonuses until the firm repays the funds to the government. The bill bars payment of any bonus to any employee, regardless of when the bonus agreement was struck, and bars any "unreasonable or excessive" compensation as defined in standards set by the Treasury Department. It also bans bonuses or any retention or supplemental payments not directly based on performance-based standards set by Treasury. The bill may pass the House, but the Senate outlook is uncertain. (Select News, 27 Mar 2009)

Full text of news release and HR 1664 (House Financial Services Comm., 26 Mar 2009)

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