Wall Street Compensation Reform Act of 2010
Latest action · Mar 22, 2010 Read twice and referred to the Committee on Finance.
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.
- IntroducedMar 22, 2010
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Wall Street Compensation Reform Act of 2010 - Amends the Internal Revenue Code to restrict the tax deduction for compensation paid to highly-paid employees of systemically significant financial institutions. Requires such compensation to be performance-based, to vest no earlier than five years after the date of payment, and to consist of 50% employer stock. Prohibits such highly-paid employees from using personal hedging strategies and remuneration or liability-related insurance and requires forfeiture of compensation paid to a chief executive or financial officer of such an institution if an accounting restatement is required due to material noncompliance, as a result of misconduct, with any federal financial reporting requirement.
Defines a "systemically significant financial institution" as an entity which engages primarily in financial activities (as determined under the Bank Holding Company Act of 1956) and which: (1) owns or controls assets greater than $25 billion; or (2) owns or controls assets greater than $10 billion and maintains a ratio of debt to equity greater than 20 to 1.
Requires each systemically significant financial institution which is a publicly held corporation to make an annual report on its compensation policies and practices to the Securities and Exchange Commission (SEC) and make such report publicly available.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Mar 22, 2010Introduced in Senate
- Mar 22, 2010Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business records
- Department of the Treasury
- Financial crises and stabilization
- Government information and archives
- Income tax deductions
- Securities
- Tax administration and collection, taxpayers
- Taxation
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Mar 22, 2010Introduced in Senate
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.