House passes bill to recoup controversial AIG bonuses

03/20/2009 | Reuters · Bloomberg · Washington Post, The

The House on Thursday approved legislation that would implement a 90% tax on executive bonuses at companies that received more than $5 billion in federal aid. The legislation comes after American International Group paid millions in bonuses despite receiving bailout money from taxpayers. Sen. Jon Kyl, R-Ariz., blocked a similar bill in the Senate, saying more information is needed. The House Financial Services Committee will consider prohibiting bonuses at firms that receive rescue funds, said Chairman Barney Frank, D-Mass.

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