US Congress Senate Bill 651 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 13-2)
Status: Introduced on March 19 2009 - 25% progression, died in chamber
Action: 2009-03-23 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37.
Text: Latest bill text (Introduced) [PDF]

Compensation Fairness Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers). Sets the overall rate of such tax at 70% of the amount of such bonuses, 35% payable by federal emergency economic assistance recipients and 35% payable by the employees of such recipients. Exempts bonus recipients who repay bonus amounts to the federal government. Defines "excessive bonus" as any retention bonus or other bonus that exceeds $50,000 paid by a federal emergency economic assistance recipient after December 31, 2008. Defines "federal emergency economic assistance recipient" as: (1) an entity and its affiliates to which the federal government has paid an aggregate of more than $100 million of assistance and in which the federal government has acquired an equity interest under a program authorized by the Emergency Economic Stabilization Act of 2008 or the Federal Reserve Act; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Limits to $1 million the amount of compensation which a participant in a nonqualified deferred compensation plan maintained by a federal emergency economic assistance recipient may defer in any 12-month period.

Compensation Fairness Act of 2009

Sen. Max Baucus [D-MT]	Sen. Jeff Bingaman [D-NM]	Sen. Barbara Boxer [D-CA]	Sen. Maria Cantwell [D-WA]
Sen. Chuck Grassley [R-IA]	Sen. Tom Harkin [D-IA]	Sen. John Kerry [D-MA]	Sen. Blanche Lincoln [D-AR]
Sen. Robert Menendez [D-NJ]	Sen. Barbara Mikulski [D-MD]	Sen. Bill Nelson [D-FL]	Sen. Charles Schumer [D-NY]
Sen. Olympia Snowe [R-ME]	Sen. Debbie Stabenow [D-MI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2009-03-23		Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37.
2009-03-19		Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
2009-03-19		Sponsor introductory remarks on measure. (CR S3563-3564)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/651/all-info
Text	https://www.congress.gov/111/bills/s651/BILLS-111s651pcs.pdf