Bill Text: HI SCR86 | 2010 | Regular Session | 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 |
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STATE OF HAWAII |
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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.
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OFFERED BY: |
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Federal Law; Bailout Funds; Executive Salaries