s 31 55111 1234414800 false 1234414800 431 600 111 412247

2/12/2009--Introduced.Economic Recovery Adjustment Act of 2009 - Establishes within the Department of Justice the Office of the Taxpayer Advocate to conduct audits and oversight of the compensation of the officers and directors of entities assisted under the Troubled Asset Relief Program (TARP). Authorizes the Advocate to assist the Secretary of the Treasury in the negotiation of TARP assistance in order to: (1) assure that fair and reasonable executive compensation is paid by entities receiving TARP funds; and (2) defend such agreements in the event of any challenge to the adjustments to compensation obligations. States that negotiated reductions in compensation under this Act: (1) may include vested deferred compensation; and (2) shall be in an amount that is fair and reasonable in light of the taxpayers' assistance, but not less than the estimated value of the compensation obligations that would face the estate or debtor-in-possession if the TARP funds had not been granted, and the entity had filed for bankruptcy protection. Requires the Advocate to negotiate a reduction in executive compensation obligations as a prerequisite to TARP assistance if, after an audit, the Advocate finds reason to believe that the assisted entity would have become insolvent if not for the receipt of TARP assistance. Establishes the Temporary Economic Recovery Oversight Panel to: (1) either approve or deny a proposed settlement; or (2) upon petition of the Advocate (or of any individual subject to the Advocate's actions), issue an order establishing an executive compensation program if no settlement is reached.

1234414800 2009-02-12 Sat Nov 14 06:06:21 -0600 2009 introduced 55111 'act':4 '2009':6 'adjust':3 'econom':1 'recoveri':2 69768 false short introduced 55111 'a':1 'at':16 'to':3,11 'the':5 'bill':2 'curb':12 'firms':17 'panel':10 'economic':7,20 'recovery':8 'emergency':19 'establish':4 'excessive':13 'executive':14 'receiving':18 'temporary':6 'adjustment':9 'assistance':21 'compensation':15 68863 false official action 55111 1234414800 Thu Feb 12 00:00:00 -0600 2009 184874 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. W000802 5051 502 Hart Senate Office Building http://whitehouse.senate.gov/contact/ 202-228-6362 Sheldon 'd':4 'ri':5 'sen':1 'sheldon':2,6,8 'whitehous':3,7,9 M 412247 Whitehouse Sheldon_Whitehouse Sen. Sheldon Whitehouse [D, RI] 2198 N00027533 9069 Democrat 202-224-2921 RI Sheldon Whitehouse 3.5 http://whitehouse.senate.gov/ SenatorWhitehouse D000563 1944-11-21 8057 309 Hart Senate Office Building http://durbin.senate.gov/contact.cfm 202-228-0400 Richard 'd':4 'il':5 'sen':1 'durbin':3,7,9 'richard':2,6,8 M 300038 Durbin Richard_Durbin J. Sen. Richard Durbin [D, IL] 4406 N00004981 16907 Democrat 202-224-2152 Roman Catholic IL Dick Richard Durbin 3.90384615384615 http://durbin.senate.gov action 55111 1234414800 Thu Feb 12 00:00:00 -0600 2009 184874 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. introduced 55111 1234414800 Thu Feb 12 00:00:00 -0600 2009 184873