HR 2927 IH
107th CONGRESS
1st Session
H. R. 2927
To limit the amount of total compensation for top executives of air carriers that receive certain Federal relief.
IN THE HOUSE OF REPRESENTATIVES
September 21, 2001
Mr. SMITH of New Jersey introduced the following bill; which was referred to the Committee on Transportation and Infrastructure
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A BILL
To limit the amount of total compensation for top executives of air carriers that receive certain Federal relief.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. LIMITATION OF COMPENSATION FOR TOP EXECUTIVES.
(a) IN GENERAL-
(1) COMPENSATION- An air carrier that receives relief funds (whether through a grant or loan guarantee) from the Government as a result of the terrorist attacks of September 11, 2001, may not use such funds to increase the amount of total compensation received by a top executive of the carrier in calendar year 2000.
(b) DEFINITIONS- In this section--
(1) the term `air carrier' has the same meaning as such term has in section 40102 of title 49, United States Code;
(2) the term `total compensation' includes salary, bonus payments, stock options, or any other form of contribution or payment from an air carrier to a top executive that results in a financial benefit to such executive; and
(3) the term `top executive' means the president, chief executive officer, chief financial officer, chief operating officer, the chief information officer, and the 6 highest paid executives of an air carrier, not including the preceding named executives.
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Source: U.S. Government Website |