February 10, 2009
More Executive Compensation Restrictions Included in Senate Stimulus Bill
– Broc Romanek, CompensationStandards.com
The U.S. Senate’s economic stimulus bill, which is expected to be put up for a Senate vote today, includes a raft of new executive compensation restrictions that would apply to financial institutions receiving TARP assistance. Most of the restrictions would apply retroactively to any institutions that have received any amount of TARP funds and are significantly more severe than both the existing TARP restrictions as well as the restrictions announced by the Obama administration last week.
While the Senate bill is expected to pass with these restrictions, it is uncertain whether the restrictions will be modified as the House and Senate stimulus bills are reconciled by the conference committee. Learn more from this Davis Polk alert. And remember that the panel will describe all these new changes during Thursday’s webcast – “TARP II: The Executive Compensation Restrictions.”