Final answer:
The 27th Amendment, which limits Congressional power over its own pay, was ratified on May 7, 1992, more than two centuries after it was first proposed.
Step-by-step explanation:
The 27th Amendment, the most recent amendment to be ratified, addresses the compensation for the members of Congress. This amendment ensures that any law changing the compensation of members of Congress cannot take effect until after an election has occurred, essentially putting a check on Congress's power over its own pay. The amendment was first proposed alongside the Bill of Rights in 1789 by James Madison but was not ratified until May 7, 1992, after a prolonged period of dormancy. The process of ratification for the 27th Amendment is quite notable because it set a record for taking the longest time to be ratified—a staggering 202 years, 6 months, and 12 days. In essence, the 27th Amendment ensures that elected officials cannot immediately benefit from their own legislation regarding salary adjustments, thus offering the American people an opportunity to express their opinion on such changes in the subsequent election.