Frank Supports Limiting Executive Pay
CNN: Rep. Barney Frank spars with CNN's Lou Dobbs over a bill that gives the government the power to limit executive bonuses.
The House of Representatives voted Wednesday to give the Treasury Department the power to ban future "unreasonable and excessive" compensation at companies receiving federal bailout money.
The Pay for Performance Act of 2009, which passed by a vote of 247-171, would empower Treasury Secretary Timothy Geithner to define what constitutes reasonable compensation, as well as to ban bonuses not based on performance standards. Geithner's guidelines would apply to companies receiving assistance from the government's Troubled Asset Relief Program, or TARP.
