The congressional backlash against American International Group Inc. continued to affect the banking industry Thursday, as the House passed a bill only hours after it had been introduced to constrain executive compensation at firms receiving government assistance.
The legislation, approved in a 328-to-93 vote, would apply a 90% tax rate to bonuses paid by companies that received $5 billion or more under the Troubled Asset Relief Program. That would include Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Goldman Sachs, Morgan Stanley, PNC Financial Services Group Inc., U.S. Bancorp and GMAC LLC.
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