Summary: H.R.1577 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.1577. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/18/2009)

Directs the Secretary of the Treasury to: (1) pursue every legal means to stay or recoup incentive bonuses and retention payments paid by American International Group, Inc. (AIG) to its executives and employees after September 16, 2008; (2) prohibit payments or other federal assistance to AIG unless current AIG executives and employees return to the Treasury any incentive bonuses and retention payments paid to them after September 16, 2008; and (3) require any financial institution that has received any assistance under the Troubled Asset Relief Program (TARP) and that has not repaid such assistance in full within two weeks after the enactment of this Act to submit to the Secretary for approval plans for making any incentive bonuses or retention payments to its executives or employees and any contracts that require such payments.