S. 651: Compensation Fairness Act of 2009
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S. 651: Compensation Fairness Act of 2009
111th Congress · introduced 2009-03-19 · Taxation · Latest: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37.
federal
Follow this bill, step by step
- Where it came from: introduced 2009-03-19 · official record
- Who proposed it: Sen. Baucus, Max [D-MT] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 37. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
Compensation Fairness Act of 2009
Plain summary
Compensation Fairness Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on excessive bonuses paid by federal emergency economic assistance recipients to their employees (including directors or officers). Sets the overall rate of such tax at 70% of the amount of such bonuses, 35% payable by federal emergency economic assistance recipients and 35% payable by the employees of such recipients. Exempts bonus recipients who repay bonus amounts to the federal government. Defines "excessive bonus" as any retention bonus or other bonus that exceeds $50,000 paid by a federal emergency economic assistance recipient after December 31, 2008. Defines "federal emergency economic assistance recipient" as: (1) an entity and its affiliates to which the federal government has paid an aggregate of more than $100 million of assistance and in which the federal government has acquired an equity interest under a program authorized by the Emergency Economic Stabilization Act of 2008 or the Federal Reserve Act; and (2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Limits to $1 million the amount of compensation which a participant in a nonqualified deferred compensation plan maintained by a federal emergency economic assistance recipient may defer in any 12-month period.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
Compensation Fairness Act of 2009
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Baucus, Max [D-MT] · 14 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Chuck Grassley (R-IA), Ron Wyden (D-OR), Charles E. Schumer (D-NY), Maria Cantwell (D-WA)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Authorization
- A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s651.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>
Record fed-us-cong111-s651 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111