Archive for October, 2008
Congress Enacts Bailout Bill to Include Cap on Executive Pay
Friday, October 3rd, 2008 | Federal Legislation | No Comments
Today, Congress approved H.R. 1424 (“Emergency Economic Stabilization Act”) which authorizes the Federal Government to purchase and insure certain types of assets to stabilize the economy and protect taxpayers’ interests. The bailout bill also includes a provision limiting executive compensation. In particular, the bill prohibits financial institutions from making golden parachute payments to senior executives and prohibits companies from paying certain financial incentives to senior executive officers. To read the bailout bill, go to http://thomas.loc.gov/. For information about The Employment Law Group® law firm’s executive counsel practice, click here.