Sec. 3. Orderly liquidation of covered financial companies
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Section 204 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5384 ) is amended by adding at the end the following: In this subsection, the term covered compensation means— salary; bonuses; any compensation that is granted, earned, or vested based wholly or in part upon the attainment of any financial reporting measure or other performance metric; equity-based compensation; time- or service-based awards; awards based on nonfinancial metrics; and any profits realized from the buying or selling of securities.
An institution-affiliated party that is substantially responsible for the condition of a covered financial company is liable to the Corporation for any covered compensation clawed back under subparagraph (B). In the case of insolvency or resolution of any covered financial company, the Corporation shall claw back all or part of the covered compensation received by an institution-affiliated party during the preceding 5 years as is necessary to prevent unjust enrichment and assure that the party bears losses consistent with the responsibility of the party.
Any covered compensation clawed back under this subparagraph shall be deposited into the Deposit Insurance Fund or into the general fund of the Treasury. .
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Sec. 3
Orderly liquidation of covered financial companies
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