To require institutions receiving certain assistance from the Troubled Asset Relief Program or the Federal Reserve to have employee bonus payment plans approved in advance of the payments being made.

Requires the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System to require financial institutions that have received assistance under the Troubled Asset Relief Program (TARP) or under the Federal Reserve Act to obtain the approval of their employee bonus payment plans by either the Secretary or the Chairman, as appropriate, before paying any employee bonuses.