New Bill To Allow For Government Regulation Of Wall Street Bonuses

August 1, 2009

US (ChattahBox) – A new bill has passed that will allow regulatory government agencies the ability to write new rules that will oversee the incentive packages given out by companies that earn more than $1 billion annually.

The measure comes after outrage from all areas of the public, when it was learned that financial institutions such as AIG and Citigroup, had paid millions of dollars in tax payer funds to employees as bonuses, especially to high ranking executives.

Rep. Barney Frank (D-Mass.) penned the original bill, which passed with a 237 – 185 majority.

“Empowering financial regulators to prohibit risky bonus practices by financial firms is not only long overdue, but the responsible thing to do for the taxpayers, who have ended up footing the bill for too many corporate excesses,“ Nancy Pelosi was quoted by The New York Times.

While many are glad for the oversight that this bill will provide, others are saying that it is just another example of increasing government interference in the private sector,

The bill is hoped to reduce risks that are taken in an attempt to gain massive incentive packages, which destabilize the market.


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