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.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access