H.R.5860 - Executive Compensation Clawback Full Enforcement Act112th Congress (2011-2012)
|Sponsor:||Rep. Frank, Barney [D-MA-4] (Introduced 05/30/2012)|
|Committees:||House - Financial Services; Agriculture|
|Latest Action:||07/11/2012 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
This bill has the status Introduced
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Summary: H.R.5860 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (05/30/2012)
Executive Compensation Clawback Full Enforcement Act - Prohibits personnel or affiliated parties of depository institutions, depository institution holding companies, or nonbank financial companies who are required by federal financial regulatory law that imposes personal liability from insuring or hedging against, or otherwise transferring the risks associated with, personal liability for amounts owed as repayment of previously earned compensation or civil penalties.
States that such persons are not precluded from being provided funds from: (1) specified entities to defend against previously earned compensation recovery or civil money penalty, or (2) certain insurance that protects against personal liability.
Applies this Act to the personnel or affiliated party of a foreign nonbank financial company only to the extent such party is based in the United States.