Authorized under the Emergency Economic Stabilization Act of 2008 (EESA), Public Law 110-343, as amended by the American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, the Department of the Treasury (Treasury) established the Troubled Asset Relief Program (TARP) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution on such terms and conditions determined by the Secretary. Section 111 of EESA, as amended by ARRA, provides that certain entities receiving financial assistance from Treasury under TARP (TARP recipients) will be subject to specified executive compensation and corporate governance standards established by the Secretary. These standards were set forth in the interim final rule published on June 15, 2009 (74 FR 28394), as corrected on December 7, 2009 (74 FR 63990) (the Interim Final Rule). The standards implemented in the Interim Final Rule require that TARP recipients submit certain information pertaining to their executive compensation and corporate governance practices.
PL:
Pub.L. 110 - 343 1
Name of Law: Emergency Economic Stabilization Act of 2008
PL:
Pub.L. 111 - 5 1
Name of Law: American Recovery and Reinvestment Act of 2009
The number of TARP recipients who received assistance from Treasury and awarded executive compensation before February 17, 2009, was 419 firms  rather than 300 firms as first estimated. With more firms, the total annual burden hours required for the firms to complete their submissions increased. Additionally, the burden hours required per response were significantly higher than initially estimated for the seven exceptional assistance firms to complete their submissions regarding the approval of all compensation payments to, and compensation structures for, senior executive officers and the most highly compensated employees subject to certain bonus prohibitions under the statute, as well as the approval of the compensation structures for any employee who is either an executive officer or one of the top 100 most highly compensated employees and is not subject to the bonus prohibitions under the statute.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
SS_TARP_Exec_Comp_SEP2010.docx
Special Master on Executive Compensation Advisory Opinion Request