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ARTICLE · 23 JULY 2009

Treasury Issues Executive Compensation Guidance For TARP Recipients

Faegre & Benson LLP
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On June 10, the United States Treasury issued an interim final rule that provides welcome guidance to recipients of financial assistance under the Troubled Assets Relief Program (TARP) regarding the broadened executive compensation restrictions and stricter corporate governance standards imposed by the American Recovery and Relief Act of 2009 (ARRA).

United StatesEmployment and HR
Barbara-Anne Gustaferro
Barbara-Anne Gustaferro

On June 10, the United States Treasury issued an interim final rule that provides welcome guidance to recipients of financial assistance under the Troubled Assets Relief Program (TARP) regarding the broadened executive compensation restrictions and stricter corporate governance standards imposed by the American Recovery and Relief Act of 2009 (ARRA).

Background

The interim final rule, published in the Federal Register on June 15, furnishes detailed guidance for TARP recipients to aid them in determining and meeting their compliance obligations under Section 111 of the Emergency Economic Stabilization Act of 2009 (EESA)—the provision establishing executive pay restrictions for TARP recipients. ARRA, signed into law on February 17 of this year, amended Section 111 of EESA to strengthen those restrictions and impose heightened corporate governance standards. Prior to the enactment of ARRA, TARP recipients were subject to Section 111 as originally adopted and the

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