Posted on 02/05/2009 3:55:44 PM PST by Col. Bob
Congress will consider legislation to extend some of the curbs on executive pay that currently apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said. Mr. Frank said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.
The provision will be part of a broader package that would likely give the Federal Reserve Board the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, he said.
Also included in this proposal will be registration requirements for hedge funds to make their finances more transparent, and limits on conflicts of interest at credit-rating agencies such as Standard & Poor’s, he said.
The bill, which the committee is working on in consultation with the Obama administration, also will require financial institutions that bundle mortgages into securities to share in potential losses. This would give firms an incentive not to make bad loans, Mr. Frank said.
Institutions that securitize loans improperly will incur tougher penalties.
“There have been too few constraints on major financial institutions incurring far more liability than they could handle,” he said.
The committee hopes to have a general outline of the legislation by early April, Mr. Frank said.
It will be the panel’s first priority in its effort to restructure financial regulation in the wake of the worst economic crisis since the Great Depression.
I've got a lot of it myself and it's directed towrds liberal morons like Frank and Dodd.
Under what constitutional authority is Congress allowed to so regulate private enterprise? What article grants them that power? And why isn’t someone threatening Supreme Court action against this rampant socialism?
Welcome to USSRObama
I wonder if this fool will include Hollywood and media airheads?
How many of these business executive voted for Democrats in this election, and how many voted for, and support Barney Frank in particular?
If anybody is to be financially soaked, let’s start with them.
Says the guy who led the charge to make bad loans in the first place.
We are living in an absolute nightmare.
Congress has no business meddling in a company’s compensation package. IMO, we should start at the top—pay cuts and term limits for all of Congress and the President and the Secretary of State. (except for DeMint)
O.M.G.
This would be the first president in the history of the USA whose philosphy was not to provide opportunity to grow the middle class from the bottom up, but to use some illusory power of his office to drag the top down.
This is spiraling out of control by the minute. Total chaos.
Will Hollywood and Ball Players be exempt like in Clinton's tax bill? If not how will Brad and Angelina be able to afford all the kids? How will Brittany afford her new mansion? Who will buy all those Coach bags?
Will any companies continue to exist in the USA?
Will the democrats start paying their taxes?
I think Barney is still mad after breaking up with his money man husband.
I thought we were trying to stimulate the economy, not impoverish everyone.
they benefit from federally funded highways - once they were allowed to regulate those that receive benefits from tarp, it just makes sense that they can regulate anyone that benefits from any federal program
das fuhrer vill not be denied
Paging John Galt
what a dangerous time to be angering and demoralizing productive Americans by taking away their freedoms- just as the globe heads into a depression.
Did FDR try this one?
What does the goverment gain by ordering wages lowered and capped in the private sector? LOWER TAX REVENUE for sure.
That Scott Ott sure can write some funny satire, can’t he?
Come on, guys.
The Feds can tell you how much water your toilet will flush, what kind of light bulb you can use in your home, the number and type of handicapped-access ramps your building will have, etc. Why couldn’t they tell executives how much they can get paid?
That whole “constitutional authority” train left the station a loooooong time ago: ‘round about 1933, if I remember correctly, with previews-of-coming-attractions in 1913, 1916, and 1917-1919.
While I oppose socialism in any form this is a great idea. Most on Wall Street are big liberals as well as other business leaders around the country. This is too much fun to hear them now whining about what they voted for.
As Obama steals the wealth of whites to redistribute it to blacks.
Minimum/Maximum wage...mandatory bedtimes coming next.
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said”
The quote left out a few words...it should read...“There’s deeply rooted anger on the part of the average American,” the lisping c*cks*cker from Massachusetts said”
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