BILL REQ. #: H-3800.1
|State of Washington||61st Legislature||2010 Regular Session|
Prefiled 01/08/10. Read first time 01/11/10. Referred to Committee on Financial Institutions & Insurance.
TO THE HONORABLE BARACK OBAMA, PRESIDENT OF THE UNITED STATES, AND
TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF
REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE
UNITED STATES, IN CONGRESS ASSEMBLED:
We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
WHEREAS, The federal government has extended an unprecedented amount of aid to financial institutions via the various components of the Troubled Asset Relief Program (TARP) including over two hundred four billion dollars of taxpayer money to six hundred ninety or more financial institutions under the Capital Purchase Program (CPP); 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 the Treasury rules) that require greater oversight of executive compensation, including bonuses and all other forms of remuneration. Yet these standards are currently applied to only a few financial institutions; and
WHEREAS, The Treasury rules are an appropriate regulatory starting place for financial institution recipients of federal TARP funds and these compensation standards should be extended to all financial institutions who received at least one hundred million dollars under the CPP or any other component of TARP;
NOW, THEREFORE, Your Memorialists respectfully pray that the President and Congress pass and implement legislation to restrict the salaries of executives at financial institutions who received federal bailout funds to appropriate levels.
BE IT RESOLVED, That copies of this Memorial be immediately transmitted to the Honorable Barack Obama, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, and each member of Congress from the State of Washington.