Dear Mr. Secretary:
We are writing to you regarding the executive compensation provisions in the Emergency Economic Stabilization Act of 2008 (EESA). The language of the EESA legislation gave Treasury great latitude in carrying out the intent of the rescue package. In particular, EESA authorized Treasury to develop guidance regarding the implementation of the executive compensation provisions which were a critical part of the legislation. Weappreciate Treasury’s quick work in developing and issuing guidance outlining the implementation of the executive compensation provisions that were so important in thedevelopment of the legislation.
We continue to be extremely interested in the implementation of EESA, particularly the limits on executive compensation for senior executives of institutions that benefit from the program. In light of Wednesday’s announcement that the troubles asset auctions, to which many of the tax executive compensation provisions applied, will not be implemented, and the potential for further changes in the approach, we want to convey your concern that the executive compensation provisions continue to be a priority in the implementation of EESA.
We expect that the Treasury, in implementing EESA, will carry out both the letter and the spirit of the law and the accompanying guidance. We also expect continued transparency throughout the process - on behalf of both Treasury and the companies involved in the rescue program.
We look forward to continuing to work with Treasury to ensure that EESA is implemented as intended.
Thank you for your prompt attention and cooperation in this matter.
Sincerely,
Max Baucus
Jay Rockefeller John Kerry
Blanche Lincoln Ken Salazar
Ron Wyden Olympia Snowe
Maria Cantwell Chuck Schumer
Source: Ranking Member’s News
