Tuesday, December 30, 2008
Senator Bernard Sanders (I-Vt) introduced legislation (S. 3693) on
November 19 that would limit the amount of compensation for employees of financial institutions receiving funds from under the
$700 billion bailout. This Bill is called the Stop the Greed on Wall Street Act,
and it would amend the Emergency Economic Stabilization Act (P.L.
110-343) to limit the aggregate annual compensation of any employee of
companies receiving funds under the Act to the amount paid to the
President of the United States, which is currently $400,000.
The Bill has been referred to the Senate Committee on Banking, Housing, and Urban Affairs,and it would affect the 30 current companies that have received varying amounts of assistance.
I suspect that this Bill just might pass.
Mitchell H. Rubinstein