Democrat-controlled Washington has rebranded the war on terror as an "Overseas Contingency Operation." That conflict, a life-and-death struggle, has been replaced with a war on business.
The House Financial Services Committee, under the direction of Democratic Chairman Barney Frank, isn't content with the White House's proposal to cap the pay of executives beyond those whose companies took bailout cash.
It wants to control the pay of every employee of any financial institution that has "received or receives a capital investment" from the federal government under the Emergency Economic Stabilization Act of 2008, last year's $700 billion bailout.
The Pay for Performance Act of 2009 was approved 38-22 by the Financial Services Committee last week with only two Republicans, Reps. Ed Royce of California and Walter Jones of North Carolina, in support.
Should the bill get by Congress — the full House is expected to vote on it this week — and receive the president's signature, it will "prohibit unreasonable and excessive compensation and compensation not based on performance standards."
And who decides what is "unreasonable" and "excessive?" The unelected secretary of the Treasury, in this case Timothy Geithner...
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"OPPOSE THE PAY FOR PERFORMANCE ACT"
House-Pelosi: http://speaker.house.gov/contact/
YOUR Congressman: https://forms.house.gov/wyr/welcome.shtml
or: Speed Message them with your personal distribution list...
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