US Lawmakers Support Restrictions on Executive Pay
Posted: Tue Jul 28, 2009 6:22 pm
US House panel votes to prohibit firms from offering pay packages that encourage risk
WASHINGTON (AP) -- A U.S. House panel voted Thursday to prohibit financial firms from offering corporate pay packages that encourage executives to take big risks, going further than what President Barack Obama wanted to curb excessive salaries and bonuses on Wall Street.
Lawmakers, including Republicans who opposed the proposal because they said it went too far, said they were under tremendous pressure from constituents.
"Politically, it was very difficult for my members to stand up and fight this legislation," said Rep. Spencer Bachus, the top Republican on the House Financial Services Committee.
http://finance.yahoo.com/news/US-lawmak ... et=&ccode=
WASHINGTON (AP) -- A U.S. House panel voted Thursday to prohibit financial firms from offering corporate pay packages that encourage executives to take big risks, going further than what President Barack Obama wanted to curb excessive salaries and bonuses on Wall Street.
Lawmakers, including Republicans who opposed the proposal because they said it went too far, said they were under tremendous pressure from constituents.
"Politically, it was very difficult for my members to stand up and fight this legislation," said Rep. Spencer Bachus, the top Republican on the House Financial Services Committee.
http://finance.yahoo.com/news/US-lawmak ... et=&ccode=
had it not jerked all over itself this would have never happened...