Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.
“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.
He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.
Mr. Frank seems to be in synch with the Obama administration in his plans for executive compensation.Treasury Secretary Geithner said he would consider “extending at least some of the TARP provisions and features of the $500,000 cap to U.S. companies generally.”
Not just companies getting bailout money folks, ALL U.S. companies may be subject to this government control.
Will professional athletes be next?
After all, it just takes someone like Frank to cite “…deeply rooted American anger.”
Watch out ARod.