House Committee Gives Thumbs-Up To ‘Say-On-Pay’

Law360, New York (July 28, 2009, 11:07 PM EDT) -- The House Financial Services Committee has sent “say-on-pay” legislation to the floor of the U.S. House of Representatives, leaving intact a controversial provision that stops financial services companies from doling out bonuses to executives who engage in inappropriately risky behavior.

The Financial Services Committee completed markup of the “Corporate and Financial Institution Compensation Fairness Act of 2009” Tuesday and sent it to the House with a favorable recommendation following a 40-28 vote. The bill, sponsored by Rep. Barney Frank, D-Mass., is designed to rein in executive...
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