HR 4291 · 109th Congress 2005–2007, ended

Protection Against Executive Compensation Abuse Act

Introduced Nov 10, 2005 Originated House Sponsor Barney Frank D-MA

Fact sheet Spreadsheet

Latest action · Jan 5, 2006 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedNov 10, 2005
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Protection Against Executive Compensation Abuse Act - Amends the Securities Exchange Act of 1934 to set forth additional compensation disclosure requirements, including: (1) a comprehensive statement of the issuer's compensation plan for its principal executive officers; (2) any type of compensation (whether present, deferred, or contingent) paid or to be paid to such principal executive officers; (3) an estimate of the present value of any accrued pension of such officers; (4) the estimated market value of any other benefits received by such officers; (5) any agreements or understandings concerning compensation; and (6) the short- and long-term performance measures that the issuer uses for determining the compensation of such principal executive officers, and whether such measures were met by such officers during the preceding year.

Requires a separate shareholder vote to approve such compensation plan.

Requires proxy solicitation material concerning an acquisition, merger, consolidation, or proposed sale or other disposition of substantially all the assets of an issuer to disclose any agreements or understandings with any of its principal executive officers regarding any compensation (whether present, deferred, or contingent) based on or otherwise relating to the acquisition, merger, consolidation, sale, or other disposition (golden parachute compensation).

Requires mandatory electronic filings to appear in a clear, simple, and readily accessible format.

Cosponsors 33

Members who signed on, in the order they did. Signatures ran from Nov 10, 2005 to Sep 12, 2006; 5 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
D-NYCharles B. RangelOriginalNov 10, 2005
D-WIDavid R. ObeyOriginalNov 10, 2005
D-CAGeorge MillerOriginalNov 10, 2005
D-MNMartin Olav SaboOriginalNov 10, 2005
D-NYNydia M. VelázquezOriginalNov 10, 2005
D-CABarbara LeeDec 16, 2005
I-VTBernard SandersDec 16, 2005
D-VIDonna M. ChristensenDec 16, 2005
D-CAHilda L. SolisDec 16, 2005
D-MAJames P. McGovernDec 16, 2005
D-CALois CappsDec 16, 2005
D-ILLuis V. GutierrezDec 16, 2005
D-NYMajor R. OwensDec 16, 2005
D-ORPeter A. DeFazioDec 16, 2005
D-OHSherrod BrownDec 16, 2005
D-OHTed StricklandDec 16, 2005
D-CATom LantosDec 16, 2005
D-WABrian BairdJan 31, 2006
D-WIGwen MooreMar 7, 2006
D-ILJanice D. SchakowskyMar 7, 2006
D-MOWm. Lacy ClayMar 7, 2006
D-NYGary L. AckermanMay 11, 2006
D-NCBrad MillerMay 25, 2006
D-CAJoe BacaMay 25, 2006
D-ILDanny K. DavisJul 20, 2006
D-CAGrace F. NapolitanoJul 20, 2006
D-TNJim CooperJul 20, 2006
D-AZRaúl M. GrijalvaJul 20, 2006
D-TXSheila Jackson LeeJul 26, 2006
D-CALynn C. WoolseyJul 28, 2006
D-CODiana DeGetteSep 12, 2006
D-MAJohn W. OlverSep 12, 2006
D-INPeter J. ViscloskySep 12, 2006

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Nov 10, 2005
Capital Markets Subcommittee
Referred Jan 5, 2006

Actions 3

Everything that happened, newest first.

  1. Jan 5, 2006Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
  2. Nov 10, 2005Introduced in House
  3. Nov 10, 2005Referred to the House Committee on Financial Services.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
Serial No. 109-97PROTECTING INVESTORS AND FOSTERING EFFICIENT MARKETS: A REVIEW OF THE SEC AGENDA135 pagesFinancial Services CommitteeMay 25, 2006

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Securities Exchange Act of 1934 to require additional disclosure to shareholders of executive compensation.
Short Titles as Introduced
Protection Against Executive Compensation Abuse Act

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Nov 10, 2005Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.