Friday, July 31, 2009

H.R. 3269 Passed The House

H.R. 3269 "Corporate and Financial Institution Compensation Fairness Act of 2009" just passed House on a 237-185 vote. 2 Republican voted yes, 16 Democrats voted no.

House votes to restrict Wall Street pay (7/31/09 AP)

"WASHINGTON – The House voted Friday to slap restrictions on how Wall Street executives are paid after nine banks that took government aid rewarded thousands of their employees with bonuses topping $1 million each.

"Bowing to populist anger and defying President Barack Obama's suggestion that government rely on incentives instead of intervention to curb excessive salaries and bonuses, the House passed the bill on a 237-185 vote.

""This is not the government taking over the corporate sector. . . . It is a statement by the American people that it is time for us to straighten up the ship," said Rep. Melvin Watt, D-N.C."

As this blog wondered a few days ago, what populist anger? Was SEIU demonstrating again, this time in front of Citigroup's headquarter?

When a politician invoke "American people", as this Rep. Watt did, beware.

The stock market immediately dipped on the news of the bill's passage. For details of the bill, please go to my post which has the actual text of the bill.

Now the unelected government bureaucrats will decide what's risky and determine the compensation of a private industry - financial, for now. The health care "reform" bill specifies one Health Choices Commissioner who will decide on what kind of health care we will be allowed to have. All for the good of American people, I'm sure.


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