行政补偿后的执行刺激法案时代外文翻译.docVIP

外文翻译 外文： The Post-Stimulus Bill Era of Executive Compensation Paul J. Schneider, JD, LLM For more than a quarter century excessive executive compensation has been the subject of public concern and regulatory and legislative responses. Measures attempting to rein in executive compensation have ranged from beefed-up proxy statement disclosures to various forms of tax disincentives. None of these measures has had much of an effect in curbing the annual increases in executive compensation. Most recently, the failure of executive compensation to be aligned with corporate performance was brought to the publics attention as part of the economic meltdown of the financial services industry in 2008. The resulting effects of this meltdown on the United States and the world economies, such as the freezing of the credit markets, the bankruptcy of Lehman Brothers, and the near failure of AIG, have been unprecedented in terms of their speed and breadth.^ Consequently, it is not surprising that executive compensation was at the forefront of the concerns that Congress had when it began thinking about restrictions that needed to be imposed on the financial institutions that agreed to take the bailout funds made available by the federal government. Since October 3, 2008, the date on which the Troubled Asset Relief。 Program (TARP) was established as part of the Emergency Economic Stabilization Act of 2008 (EESA), Congress and the White House each have issued legislation and guidelines regulating the timing, form, and amount of compensation that can be paid to executives employed by financial and other institutions receiving government assistance under TARP. However, the most significant legislative action to date has been the enactment of the American Recovery and Reinvestment Act of 2009 ( the stimulus bill) on February 17, 2009. In addition to providing a massive federal spending program for energy, transportation and infrastructure, education, and health care projects, the stimulus