Economic Stimulus HR 1 In a 61-to-37 vote Tuesday, the Senate approved a $838 billion economic stimulus that includes a handful of tax- and housing-related provisions that the banking industry supports and executive compensation restrictions it strongly opposes.The Senate adopted three amendments to limit executive compensation at banks receiving Tarp money which the banking industry hopes to scale back when the House and Senate hash out differences between the stimulus bills. The House bill did not include compensation restrictions in its version of the American Recovery and Reinvestment Plan, which passed with a vote of 244 to 188 on Jan. 28.

In a Feb. 6 voice vote the Senate adopted an amendment from Sens. Ron Wyden, D-Ore., and Olympia Snowe, R-Maine, that would require institutions that used "federal bailout" funds to pay employees bonuses in excess of $100,000 to either repay the cash portion within 120 days of the provision's enactment, or face an excise tax of 35% on what is not immediately repaid to the Treasury Department.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.