No Bonuses for Utility Executives Act

This legislation aims to restrict executive bonuses at certain electric utilities, specifically those not wholly owned by United States persons. Beginning January 1, 2025, such utilities may only pay bonuses if the average percentage increase in customer rates for that fiscal year does not exceed the Consumer Price Index for All Urban Consumers (CPI-U). Furthermore, any authorized bonus is limited to 25 percent of the median annual compensation of the utility's non-executive employees. The Federal Energy Regulatory Commission (FERC) is tasked with determining if bonuses are allowed and their maximum amount, based on information provided by the utilities. Jointly with the Commissioner of Internal Revenue, FERC will oversee compliance. If a utility violates these provisions, the non-compliant bonus must be forfeited to the United States , and the Internal Revenue Service will then issue payments, or "stimulus checks," to each customer of that utility, distributing the forfeited amount equally.