Senators Richard Blumenthal (D-CT) and Josh Hawley (R-MO) introduce Senate companion to Riley’s No Bonuses for Utility Executives Act
WASHINGTON, DC – Congressman Josh Riley’s (NY-19) No Bonuses for Utility Executives Act (H.R.6590) is gaining bipartisan momentum, with Senators Richard Blumenthal (D-CT) and Josh Hawley (R-MO) introducing companion legislation in the Senate last week. The bill sets a simple rule: if a utility company raises rates faster than inflation, its executives don’t get bonuses. Riley’s bill would stop utility monopolies from rewarding executives for making electricity more expensive for working families.
“I’ve met with countless Upstate New Yorkers who are doing everything right, but still falling behind because the utility monopolies keep raising their rates. And as these folks are cutting back on groceries and school clothes just to keep the lights on, they’re watching utility executives make more than ever. That’s completely backwards,” said Riley. “Our bill fixes this broken system by stopping utility companies from paying CEO bonuses while ratepayers get crushed.”
“This legislation puts an end to unfair, unwarranted bonuses for utility executives who are lining their pockets while burdening consumers with increased costs,” said Blumenthal. “For people in Connecticut, Eversource is seeking to raise utility rates by 18 percent when families are already struggling with rising costs—and while the C-Suite earns millions. The No Bonuses for Utility Executives Act makes sure executives won’t receive bonuses when utility rates rise faster than inflation, prohibiting companies from rewarding themselves while American families are stuck paying the price.”
“While Missourians bear the burden of rising electricity costs, utility executives at these companies receive hefty bonuses. I’m proud to introduce legislation to ban bonuses for corporate executives who benefit from skyrocketing prices,” said Hawley.
Riley introduced the House version of the No Bonuses for Utility Executives Act last December alongside Congressman Jeff Van Drew (NJ-02).
“If you are making electricity unaffordable for working families, you should NOT be getting a bonus. Period.” said Van Drew. “Families across South Jersey are getting hammered by higher electric bills while executives running these companies continue to reward themselves. That is completely backwards. This bill puts an end to that. If rates are skyrocketing, there should not be a big bonus waiting for you at the end of the year. It is time we put some real accountability on the people making these decisions.”
Across Upstate New York, working families continue to feel the squeeze of rising electric bills. As investor-owned utilities plead for higher rates, they paid their CEOs more than $626 million last year — all while households struggled to keep up with higher monthly costs.
Specifically, the No Bonuses for Utility Executives Act will:
1. Stop bonuses when utilities raise rates faster than inflation:
If a utility hikes rates above the annual inflation rate, its executives are barred from receiving bonuses of any kind.
2. Cap bonuses in years when rates stay stable:
If rate increases stay at or below inflation, any executive bonus must be capped at 25% of the median compensation earned by non-executive employees.
3. Enforce the rules with real oversight and penalties:
Utilities must report to the Federal Energy Regulatory Commission (FERC) within one week of their fiscal year ending, providing:
- the average percentage increase in customer rates, and
- the median pay of non-executive employees.
FERC has one month to determine whether bonuses are permitted and, if so, the maximum allowable bonus. If a utility violates the law, its entire bonus pool is forfeited to the IRS, and the IRS must return those dollars directly to customers as a stimulus payment.
4. Apply universally to foreign-owned, state-regulated electric utilities:
The bill covers state-regulated electric utilities that are not wholly owned by U.S. persons, and it takes effect for fiscal years beginning on or after January 1, 2025.
This legislation builds on Riley’s push to lower utility costs for Upstate New York families:
- February 13, 2025 — Introduced the Weatherization Enhancement and Readiness Act (H.R. 1355) to help families reduce energy usage and lower monthly utility bills
- September 18, 2025 — Introduced the Keep the Lights Local Act (H.R. 5487) to ban foreign corporations and governments from owning American utility companies
- April 17, 2026 — Introduced the No Taxes on Utility Bills Act (H.R. 8350) to allow Upstate New Yorkers to to allow taxpayers to deduct taxes and state-mandated surcharges included on their gas and electric utility bills.
- April 29, 2026 — Introduced the Lowering Utility Bills Act (H.R. 8568) to crack down on utility companies overcharging customers.
- July 13, 2026 — Introduced the FAIR Data Act (H.R. 9655) to stop data center projects from driving up energy bills for Upstate New York families and small businesses.
- 2025–2026 — Served as an intervener in the Central Hudson and NYSEG rate cases, where he participated in proceedings and cross-examined utility companies on behalf of ratepayers.
Full text of the bill can be found HERE.
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