House Passes the Corporate and Financial Institution Compensation Fairness Act of 2009

On July 31, 2009, the U.S. House of Representatives approved H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act of 2009, by a vote of 237-185. The bill, as approved, reflects amendments to the version previously submitted to the House Financial Services Committee and summarized in our July 26, 2009 memorandum entitled “Summary of the Corporate and Financial Institution Compensation Fairness Act of 2009”. There has been no definitive statement regarding when the U.S. Senate intends to consider the bill.

The below memorandum briefly summarizes the material amendments to the bill.

Please feel free to contact any of the lawyers listed in the Corporate Governance or Executive Compensation & Employee Benefits section of this website or any of your other regular contacts at the firm for further information about these matters.