Barney Frank Wants Power To Control Pay Of Everyone

By Bill ~ March 31st, 2009 @ 6:14 pm

First it was a bill that retroactively imposed a 90% tax on bonuses given to AIG executives. Due to concerns of overstepping their bounds and a lack of public support, that bill quietly died, but in an even bigger power grab, , the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that goes way beyond the AIG bill. The new legislation, called the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees of companies that have received bailout or stimulus money from the U.S. government.

The bill is written to be retroactive, and can change the terms of compensation agreements already in place. It would also give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies. In plain English, if Secretary Geithner thinks ordinary workers make to much money, he has the authority to lower their pay, and can do it retroactively. This means that some poor guy may not only have his pay cut, but also have to pay back money he has already spent. This is beyond outrageous, and if the Socialists, or Democrats as they prefer to be called, are allowed to get by with this travesty, the next step will be to include companies that haven’t been bailed out by the government.

Defenders of the bill, like Rep Alan Grayson of FL, say that this bill sends a clear message that “you should not get rich off public money and you should not get rich off of abject failure. The bill is also being touted as one that virtuous lawmakers will vote for and corrupt lawmakers will vote against. So, now if you disagree with the Socialists, um, excuse me, the Democrats, you’re corrupt. At some point, the American people have got to catch on to what is happening to our freedoms at the hand of these people who pretend to have our best interests at heart, but in reality only want more and more power.