Bill Text: HI SCR86 | 2010 | Regular Session | Introduced

Hawaii Senate Concurrent Resolution 86 (Prior Session Legislation)

Introduced

Bill Title: Federal Law; Bailout Funds; Executive Salaries

Spectrum: Partisan Bill (Democrat 17-0)

Status: (Introduced - Dead) 2010-03-24 - (S) The committee on CPN deferred the measure. [SCR86 Detail]

Download: Hawaii-2010-SCR86-Introduced.html

THE SENATE	S.C.R. NO.	86
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

SENATE CONCURRENT

RESOLUTION

urging congress to enact legislation to restrict TO APPROPRIATE LEVELS the salaries of executives at financial institutions that received federal bailout funds.

WHEREAS, the federal government has extended an unprecedented amount of aid to financial institutions via the various components of the Troubled Asset Relief Program, including over $204,000,000,000 of taxpayer money, to six hundred and ninety financial institutions under the Capital Purchase Program; and

WHEREAS, the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 provided inadequate limitations on executive compensation for the financial institutions that relied on government funds to weather the financial turmoil; and

WHEREAS, many of these financial institutions are now providing considerable compensation, including bonuses, to their executives; and

WHEREAS, the Department of the Treasury has adopted rules for recipients of exceptional financial assistance, as defined in Treasury rules, that require greater oversight of executive compensation, including bonuses and all other forms of remuneration; and

WHEREAS, the Department of the Treasury standards apply only to a few financial institutions; and

WHEREAS, the Treasury rules are an appropriate regulatory starting point for financial institution recipients of federal Troubled Asset Relief Program funds and should be extended to all financial institutions that received at least $100,000,000 under any portion of the Troubled Asset Relief Program or the Capital Purchase Program; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2010, the House of Representatives concurring, that Congress is respectfully urged to enact legislation to restrict the salaries of executives at financial institutions that received federal bailout funds from the Troubled Asset Relief Program or the Capital Purchase Program to appropriate levels; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President of the United States, the Majority Leader of the United States Senate, the Speaker of the United States House of Representatives, and the members of Hawaii's congressional delegation.