The House approved a measure Friday that would put new constraints on executive pay, capitalizing on outrage over multimillion-dollar bonuses to Wall Street executives whose firms were bailed out by taxpayers.
The measure, which applies to any firm with more than $1 billion in assets, passed 237 to 185, with most lawmakers voting along party lines. The Senate will not take up a similar measure until after it returns from its August recess in September.
The bill, introduced by Representative Barney Frank, Democrat of Massachusetts, would let regulators ban risky incentive-based pay that could have an adverse effect on the financial system.
THE REAL ANSWER TO THIS PROBLEM IS SIMPLE:
- THE FEDERAL GOVERNMENT SHOULDN'T BAILOUT CORPORATIONS;
- IT SHOULD GIVE TAXPAYERS TAX-CUTS INSTEAD.
READ THIS TO FIND OUT WHY, AND TO FIND OUT THE REAL SOLUTION.