 |
|
|
Updated: 8:40 AM Jun 11, 2009
Administration, Congress seek to rein in exec pay
Federal officials go before the House Financial Services Committee today to air their views on executive pay. Posted: 8:40 AM Jun 11, 2009 |
|
2 Comments 
WASHINGTON (AP) - Federal officials go before the House
Financial Services Committee today to air their views on executive
pay.
The Obama administration, which has maintained that excessive
compensation in the private sector contributed to the nation's
financial crisis, rejects direct intervention in corporate pay
decisions.
Instead, Treasury Secretary Timothy Geithner (GYT'-nur)
announced yesterday that the administration plans to seek
legislation from Congress to try to rein in compensation at
publicly traded companies through indirect means.
Committee Chairman Barney Frank says that while it's not up to
the government to discourage risk-taking and the rewards that come
with success, it shouldn't come without penalty for failure.
The Treasury Department, the Federal Reserve and the Securities
and Exchange Commission plan to testify on the issue at today's
hearing.
Latest Comments
Who is going to rein in the pay of congress, they vote themselves large pay increase. They say they can't do anything about it because they are automatic. They voted a few years back to make them automatic. I think that every election should have a place for the people to vote on their raises. Now they are trying to protect their own by passing a law that no outside agency can investigate a member of congress, only congress can investigate themselves. Both parties are doing this. Time for the whole bunch to go.
[ Report Abuse ]
Thank's Obama for taking 1st place over Jimmy Carter as the worst president in history!
[ Report Abuse ]
