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AB 1075: California's CSR bill passes committee

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Added by apesphere on 22 Apr 2009
From: www.californiachronicle.com

Image courtesy Clinton Steeds via Flickr

Around the world, "Corporate Social Responsibility" legislation comes in multiple forms. California's targets certain spending by TARP recipients.

 

According to the California Chronicle report:

 

"The Corporate Responsibility Act of 2009 will prohibit state regulated banks and credit unions that receive federal or state emergency economic assistance, from using the money for executive bonuses, corporate aircraft, travel accommodations or the hosting of corporate conferences, parties and events. Additionally, it will prohibit use of taxpayer bailout money for lobbying activities. A financial institution that violates the act will be subject to civil penalties of at least $100,000 per violation, and will be prohibited from receiving any future emergency economic assistance."

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