H.R.1577: To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Mar 18, 2009

Directs the Secretary of the Treasury to: (1) pursue every legal means to stay or recoup incentive bonuses and retention payments paid by American International Group, Inc. (AIG) to its executives and employees after September 16, 2008; (2) prohibit payments or other federal assistance to AIG unless current AIG executives and employees return to the Treasury any incentive bonuses and retention payments paid to them after September 16, 2008; and (3) require any financial institution that has received any assistance under the Troubled Asset Relief Program (TARP) and that has not repaid such assistance in full within two weeks after the enactment of this Act to submit to the Secretary for approval plans for making any incentive bonuses or retention payments to its executives or employees and any contracts that require such payments.

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People & committees

Who introduced it

Rep. Paulsen, Erik [R-MN-3] · R–MN

Committees

Financial Services Committee

49 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Mar 18, 2009
Referred to the House Committee on Financial Services.
Mar 18, 2009
Introduced in House
Mar 18, 2009
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Mar 18, 2009 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.1577 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.1577, 111th Congress: To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Official record: https://www.congress.gov/bill/111th-congress/house-bill/1577

Text version to examine: Introduced in House · 2009-03-18.

Official full text: https://www.congress.gov/111/bills/hr1577/BILLS-111hr1577ih.htm

Imported record last updated by the source: 2025-04-07T15:36:36Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.1577 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.1577 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.1577, 111th Congress: To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Official record: https://www.congress.gov/bill/111th-congress/house-bill/1577

Text version to examine: Introduced in House · 2009-03-18.

Official full text: https://www.congress.gov/111/bills/hr1577/BILLS-111hr1577ih.htm

Imported record last updated by the source: 2025-04-07T15:36:36Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1577 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.1577 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.1577, 111th Congress: To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Official record: https://www.congress.gov/bill/111th-congress/house-bill/1577

Text version to examine: Introduced in House · 2009-03-18.

Official full text: https://www.congress.gov/111/bills/hr1577/BILLS-111hr1577ih.htm

Imported record last updated by the source: 2025-04-07T15:36:36Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1577 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.1577 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.1577, 111th Congress: To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. to its executives and employees, and to require the Secretary's approval of such payments by any financial institution who receives.

Official record: https://www.congress.gov/bill/111th-congress/house-bill/1577

Text version to examine: Introduced in House · 2009-03-18.

Official full text: https://www.congress.gov/111/bills/hr1577/BILLS-111hr1577ih.htm

Imported record last updated by the source: 2025-04-07T15:36:36Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.1577 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.