h 192 59243 1248148800 false 1249063740 1249272000 21 3269 1809 111 400140

7/31/2009--Passed House amended. Corporate and Financial Institution Compensation Fairness Act of 2009 - (Sec. 2) Amends the Securities Exchange Act of 1934 to require that any proxy or consent or authorization for an annual shareholders meeting provide for a separate shareholder vote to approve executive compensation for named executive officers as disclosed pursuant to rules of the Securities and Exchange Commission (SEC). States that the shareholder vote shall not be: (1) binding on the corporation or the board of directors; (2) construed as overruling a board decision, or as creating or implying any additional fiduciary duty by the board; or (3) construed as restricting or limiting shareholder ability to place executive compensation proposals within proxy materials. Requires solicitations that seek shareholder approval of an acquisition, merger, consolidation, or proposed sale or other disposition of assets to disclose clearly and simply in the proxy or consent solicitation material any agreements or understandings with named executive officers of the disposing or the acquiring issuer concerning (golden parachute) compensation (present, deferred, or contingent) that is based upon or relates to such asset disposition, including the aggregate total compensation to or on behalf of such executive officer. Requires separate shareholder approval of such golden parachute agreements or understandings and compensation, as disclosed, unless already subject to a shareholder vote at an annual shareholders meeting. States that a separate shareholder vote on golden parachute compensation shall not be: (1) binding on the issuer or its board of directors or the person making the solicitation; or (2) construed as overruling a decision by such person or issuer, or as creating or implying any additional fiduciary duty by any such person or issuer. Requires certain institutional investment managers to report annually how they voted on any shareholder vote. Authorizes the SEC, after taking into account the potential impact on smaller reporting issuers, to exempt certain categories of issuers from the requirements of this Act. (Sec. 3) Directs the SEC to direct the national securities exchanges and national securities associations to prohibit the listing of any class of equity security of an issuer that does not comply with specified requirements for compensation committees (or equivalent bodies) established by and amongst an issuer's board of directors for the purpose of determining and approving the compensation arrangements for the issuer's executive officers. Requires each member of the compensation committee of the issuer's board of directors to be independent. Prohibits any compensation committee member from accepting any consulting, advisory, or other compensatory fee from the issuer. Allows for SEC exemptions from such requirements for particular relationships. Requires a compensation consultant, legal counsel, or other adviser to an issuer's compensation committee to meet SEC independence standards. Grants the compensation committee of each issuer discretionary authority to retain and obtain the advice of a compensation consultant meeting SEC independence standards. Requires any proxy or consent solicitation material for an annual shareholder meeting to disclose whether the issuer's compensation committee retained and obtained the advice of an independent compensation consultant. Authorizes a compensation committee to retain and obtain the advice of independent counsel and other independent advisers. Directs the SEC to study and report to Congress on the use of independent compensation consultants. (Sec. 4) Directs federal regulators to prescribe jointly regulations requiring each covered financial institution to disclose the structures of all incentive-based compensation arrangements sufficient to determine whether the compensation structure: (1) is aligned with sound risk management; (2) is structured to account for the time horizon of risks; and (3) meets other criteria appropriate to reduce unreasonable incentives offered by such institutions for employees to take undue risks. Requires such regulators to prescribe jointly regulations that prohibit any compensation structure or incentive-based payment arrangement that encourages inappropriate risks by financial institutions that could: (1) threaten the safety and soundness of covered financial institutions; or (2) present serious adverse effects upon economic conditions or financial stability. Exempts covered financial institutions with assets of less than $1 billion from these compensation arrangement disclosure requirements. Prohibits any such regulation from requiring the recovery (clawback) of incentive-based compensation under compensation arrangements in effect on the date of enactment of this Act if such an agreement is for a period of no more than 24 months. Declares that this Act shall neither prevent nor limit the recovery of incentive-based compensation under any other applicable law. Directs the Comptroller General to study and report to Congress on whether there is a correlation between compensation structures and excessive risk taking. Requires the study, in determining whether a company failed, or nearly failed but for government assistance, to focus on: (1) companies that received exceptional assistance under the Troubled Asset Relief Program (TARP) under the Emergency Economic Stabilization Act of 2009 (EESA) or other forms of significant government assistance, including under the Automotive Industry Financing Program, the Targeted Investment Program, the Asset Guarantee Program, and the Systemically Significant Failing Institutions Program; (2) the Federal National Mortgage Association (Fannie Mae); (3) the Federal Home Loan Mortgage Corporation (Freddie Mac); and (4) companies that participated in the SEC's Consolidated Supervised Entities Program as of January 2008.

1249272000 2009-08-03 Fri Nov 13 23:02:46 -0600 2009 passed house 59243 'act':7 '2009':9 'fair':6 'corpor':1 'compens':5 'financi':3 'institut':4 77378 false short reported to house 59243 'act':7 '2009':9 'fair':6 'corpor':1 'compens':5 'financi':3 'institut':4 77377 false short introduced 59243 'act':6 '1934':8 'vote':15 'amend':2 'secur':4 'execut':17 'incent':23 'provid':10 'compens':18,26 'exchang':5 'financi':29 'pervers':22 'practic':27 'prevent':21 'advisori':14 'institut':30 'sharehold':11 76490 false official introduced 59243 'act':7 '2009':9 'fair':6 'corpor':1 'compens':5 'financi':3 'institut':4 76489 false short action 59243 Tue Aug 04 18:58:51 -0500 2009 1249272000 Mon Aug 03 00:00:00 -0500 2009 206286 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. F000339 1940-03-31 15320 2252 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-0182 Barney 'd':4 '-4':6 'ma':5 'rep':1 'frank':3,8,10 'barney':2,7,9 M 400140 Frank Barney_Frank Rep. Barney Frank [D, MA-4] 7567 N00000275 17973 Democrat 202-225-5931 Jewish MA Barney Frank 2.58666666666667 http://www.house.gov/frank/ C001037 1952-01-09 2483 1530 Longworth House Office Building http://www.house.gov/capuano/contact/email.shtml 8 202-225-9322 Michael 'd':4 '-8':6 'ma':5 'rep':1 'capuano':3,8,10 'michael':2,7,9 M 400063 Capuano Michael_E._Capuano E. Rep. Michael Capuano [D, MA-8] 937 N00000267 6969 Democrat 202-225-5111 Roman Catholic MA Mike Michael Capuano 3.83333333333333 http://www.house.gov/capuano/ C001072 1974-10-16 1748 2455 Rayburn House Office Building http://carson.house.gov/contact.me.shtml 7 202-225-5633 André 'd':4 '-7':6 'rep':1 'andr':9 'andré':2,7 'carson':3,8,10 M 412258 Carson Rep. André Carson [D, IN-7] 351 N00029513 4340 Democrat 202-225-4011 IN Andre Carson 2.65384615384615 http://carson.house.gov/ E000288 1963-08-04 7050 1130 Longworth House Office Building http://ellison.house.gov/index.php?option=com_content&task=view&id=87 5 202-225-4886 Keith 'd':4 '-5':6 'mn':5 'rep':1 'keith':2,7,9 'ellison':3,8,10 M 412215 Ellison Keith_Ellison Rep. Keith Ellison [D, MN-5] 2078 N00028257 8997 Democrat 202-225-4755 MN Keith Ellison 6.05882352941176 http://ww3.house.leg.state.mn.us/members/members.asp?district=58B RepKeithEllison G000553 1947-09-01 3191 425 Cannon House Office Building http://www.house.gov/writerep 9 202-225-2947 Al 'd':4 '-9':6 'al':2,7,9 'tx':5 'rep':1 'green':3,8,10 M 400653 Green Al_Green Rep. Al Green [D, TX-9] 729 N00026686 8154 Democrat 202-225-7508 Unknown TX Al Green 1.35714285714286 http://www.house.gov/algreen/ G000535 1953-12-10 2959 2266 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-7810 Luis 'd':4 '-4':6 'il':5 'lui':2,7,9 'rep':1 'gutierrez':10 'gutiérrez':3,8 M 400163 Gutiérrez Luis_V._Gutierrez V. Rep. Luis Gutiérrez [D, IL-4] 1137 N00004874 8673 Democrat 202-225-8203 Roman Catholic IL Luis Gutierrez 1.84615384615385 http://luisgutierrez.house.gov/ H000636 1940-08-20 1619 2463 Rayburn House Office Building http://www.house.gov/writerep 15 202-225-5688 Rubén 'd':4 'tx':5 '-15':6 'rep':1 'ruben':9 'rubén':2,7 'hinojosa':3,8,10 M 400179 Hinojosa E. Rep. Rubén Hinojosa [D, TX-15] 302 N00006008 7112 Democrat 202-225-2531 Roman Catholic TX Ruben Hinojosa http://hinojosa.house.gov/ K000372 1949-04-30 1717 1237 Longworth House Office Building https://forms.house.gov/kilroy/contact-form.shtml 15 202-225-3529 Mary Jo 'd':5 'jo':3,9,12 'oh':6 '-15':7 'rep':1 'mari':2,8,11 'kilroy':4,10,13 F 412285 Kilroy Rep. Mary Jo Kilroy [D, OH-15] 471 N00027778 3327 Democrat 202-225-2015 OH Mary Jo Kilroy 1.5625 http://kilroy.house.gov/ P000595 1692 1130 Longworth House Office Building https://forms.house.gov/peters/contact-form.shtml 9 202-226-2356 Gary 'd':4 '-9':6 'mi':5 'rep':1 'gari':2,7,9 'peter':3,8,10 M 412305 Peters C. Rep. Gary Peters [D, MI-9] 813 N00029277 3291 Democrat 202-225-5802 MI Gary Peters 1.375 http://peters.house.gov/ S000344 1954-10-24 3417 2242 Rayburn House Office Building http://www.house.gov/sherman/contact/ 27 202-225-5879 Brad 'd':4 'ca':5 '-27':6 'rep':1 'brad':2,7,9 'sherman':3,8,10 M 400371 Sherman Brad_Sherman J. Rep. Brad Sherman [D, CA-27] 1154 N00006897 7061 Democrat 202-225-5911 Jewish CA Brad Sherman 1.77777777777778 http://bradsherman.house.gov/ W000187 1938-08-15 5657 2344 Rayburn House Office Building http://www.house.gov/waters/IMA/issue.htm 35 202-225-7854 Maxine 'd':4 'ca':5 '-35':6 'rep':1 'maxin':2,7,9 'water':3,8,10 F 400422 Waters Maxine_Waters Rep. Maxine Waters [D, CA-35] 2265 N00006690 8395 Democrat 202-225-2201 Christian CA Maxine Waters 1.6969696969697 http://www.house.gov/waters/ MaxineWaters W000207 1945-08-26 1624 2236 Rayburn House Office Building http://www.house.gov/formwatt/IMA/issue_subscribe.htm 12 202-225-1512 Melvin 'd':4 'nc':5 '-12':6 'mel':9 'rep':1 'watt':3,8,11 'melvin':2,7,10 M 400424 Watt Melvin_L._Watt Luther Rep. Melvin Watt [D, NC-12] 395 Mel N00002328 5758 Democrat 202-225-1510 Presbyterian NC Mel Melvin Watt 0.473684210526316 http://www.house.gov/watt/ action 59243 Tue Aug 04 18:58:51 -0500 2009 1249272000 Mon Aug 03 00:00:00 -0500 2009 206286 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. vote 59243 Sat Aug 01 18:54:18 -0500 2009 1249060140 Fri Jul 31 14:09:00 -0500 2009 roll 205986 pass 6054 686 On passage Passed by recorded vote: 237 - 185 (Roll no. 686). vote h action 59243 Sat Aug 01 18:54:18 -0500 2009 1249059720 Fri Jul 31 14:02:00 -0500 2009 205985 On motion to recommit with instructions Failed by recorded vote: 178 - 244 (Roll no. 685). action 59243 Sat Aug 01 18:54:18 -0500 2009 1249058400 Fri Jul 31 13:40:00 -0500 2009 205984 DEBATE - The House proceeded with 10 minutes of debate on the Sessions motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House with an amendment to instruct the Security Exchange Commission to identify all persons or entities engaged in activities to influence a vote. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249058340 Fri Jul 31 13:39:00 -0500 2009 205983 Mr. Sessions moved to recommit with instructions to Appropriations. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249057500 Fri Jul 31 13:25:00 -0500 2009 205982 Considered as unfinished business. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249052100 Fri Jul 31 11:55:00 -0500 2009 205981 POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett (NJ) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Garrett (NJ) demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249051440 Fri Jul 31 11:44:00 -0500 2009 205980 DEBATE - Mr. Garrett (NJ) asked unanimous consent that debate on the Garrett (NJ) amendment in the nature of a substitute be extended by 10 minutes, equally divided and controlled. Agreed to without objection. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249049280 Fri Jul 31 11:08:00 -0500 2009 205979 DEBATE - Pursuant to the provisions of H.Res. 697, the House proceeded with 30 minutes of debate on the Garrett (NJ) amendment in the nature of a substitute. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249049220 Fri Jul 31 11:07:00 -0500 2009 205978 POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank (MA) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the ayes had prevailed. Mr. Price (GA) demanded a recorded vote and the Chair postponed further proceedings on adoption of the amendment until later in the legislative day. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249048560 Fri Jul 31 10:56:00 -0500 2009 205977 DEBATE - Pursuant to the provisions of H.Res. 697, the House proceeded with 10 minutes of debate on the Frank (MA) amendment. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249045080 Fri Jul 31 09:58:00 -0500 2009 205976 DEBATE - The House resumed debate on H.R. 3269. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249044420 Fri Jul 31 09:47:00 -0500 2009 205975 DEBATE - The House proceeded with one hour of debate on H.R. 3269. action 59243 Sat Aug 29 19:05:00 -0500 2009 1249044360 Fri Jul 31 09:46:00 -0500 2009 207647 Considered under the provisions of rule H. Res. 697. (consideration: CR H9213-9233; text as amendment in the nature of a substitute:CR H9213-9215) action 59243 Sat Aug 01 18:54:18 -0500 2009 1249044360 Fri Jul 31 09:46:00 -0500 2009 205974 Rule provides for consideration of H.R. 3269 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249044360 Fri Jul 31 09:46:00 -0500 2009 205973 Considered under the provisions of rule H. Res. 697. action 59243 Sat Aug 01 18:54:18 -0500 2009 1249044240 Fri Jul 31 09:44:00 -0500 2009 205972 Rule H. Res. 697 passed House. action 59243 Fri Jul 31 18:57:43 -0500 2009 1248982440 Thu Jul 30 16:34:00 -0500 2009 205583 Rules Committee Resolution H. Res. 697 Reported to House. Rule provides for consideration of H.R. 3269 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. All points of order against provisions of the bill, as amended, are waived. calendar 59243 Fri Jul 31 18:57:43 -0500 2009 1248976020 Thu Jul 30 14:47:00 -0500 2009 205582 Placed on the Union Calendar, Calendar No. 131. action 59243 Fri Jul 31 18:57:43 -0500 2009 1248976020 Thu Jul 30 14:47:00 -0500 2009 205581 Reported (Amended) by the Committee on Financial Services. H. Rept. 111-236. calendar 59243 Fri Jul 31 18:57:43 -0500 2009 1248753600 Tue Jul 28 00:00:00 -0500 2009 205580 Ordered to be Reported (Amended) by the Yeas and Nays: 40 - 28. action 59243 Fri Jul 31 18:57:43 -0500 2009 1248753600 Tue Jul 28 00:00:00 -0500 2009 205579 Committee Consideration and Mark-up Session Held. action 59243 1248148800 Tue Jul 21 00:00:00 -0500 2009 203882 Referred to the House Committee on Financial Services. introduced 59243 1248148800 Tue Jul 21 00:00:00 -0500 2009 203881 11 237 59243 Fri Jul 31 13:09:00 -0500 2009 true 6054 false 185 686 1835 0 On Passage: H R 3269 Corporate and Financial Institution Compensation Fairness Act false 1/2 Passed On Passage Fri Jul 31 14:05:57 -0500 2009 house 11 178 59243 Fri Jul 31 13:02:00 -0500 2009 false 6053 false 244 685 633 0 On Motion to Recommit with Instructions: H R 3269 Corporate and Financial Institution Compensation Fairness Act true 1/2 Failed On Motion to Recommit with Instructions Fri Jul 31 14:05:51 -0500 2009 house 10 179 59243 Fri Jul 31 12:38:00 -0500 2009 false 6056 false 244 684 695 0 On Agreeing to the Amendment: Amendment 2 to H R 3269 true 1/2 Failed On Agreeing to the Amendment Fri Jul 31 14:05:44 -0500 2009 house 13 242 59243 Fri Jul 31 12:30:00 -0500 2009 true 6052 false 178 683 427 0 On Agreeing to the Amendment, as Modified: Amendment 1 to H R 3269 false 1/2 Agreed to On Agreeing to the Amendment, as Modified Fri Jul 31 14:05:22 -0500 2009 house