(H.R. 3269) On the Frank of Massachusetts amendment permitting the government to require executives at banks that had received federal “bail outs” in order to remain in business to give back a portion of their annual bonuses
house Roll Call 683
Jul 31, 2009
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This was a vote on an amendment offered by Rep. Frank (D-MA), which would eliminate certain prohibitions on the ability of the federal government to require the return of certain annual bonuses paid to banking executives. There had been a great outcry during this period of economic decline about the large bonuses that executives were receiving at banks and other financial institutions that had recently received federal “bail outs” in order to remain in business. H.R. 3269 was developed partly in response to that outcry. The bill gave federal banking regulatory agencies the authority to prohibit certain pay structures and arrangements for executives and individuals as well as to revise specific bonus incentive arrangements. |
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