Legislative Background
Recent Action on Executive Compensation
Efforts to rein in the high salaries and bonuses of Wall Street managers took on new urgency with last fall’s financial crisis and the ongoing economic recession. The Obama Administration and congressional Democrats have sought to curb such excesses as part of a broader move to tighten oversight of banks and capital markets. Executive Actions. On October 3, 2008, President George W. Bush signed into law the Emergency Economic Stabilization Act (EESA), an economic rescue package that created the Trouble Asset Relief Program (TARP). The legislation gave the U.S. Treasury authority to purchase certain bad assets from financial institutions and…
