Congressman Barney Frank
Representing Massachusetts' 4th District

News Release from Barney Frank

Congressman, 4th District, Massachusetts
2252 Rayburn Building · Washington, D.C. 20515 · (202) 225-5931

For Immediate Release:                     Contact: Steve Adamske (202) 225-7141

October 14, 2008                                                    or Heather Wong (202) 226-3314

 

Frank Statement on Treasury Executive Compensation Announcement

 

            Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement on the Department of Treasury’s announcement of executive compensation rules under the Emergency Economic Stabilization Act:

 

“The steps that the Treasury announced today with respect to executive compensation are historic and set an important precedent.  This is the first time in American history that the federal government has applied restrictions on the compensation that goes to top executives.  We will be watching how the Treasury implements these important provisions to ensure that the restrictions are binding and enforceable. 

 

“These steps were mandated by the provision that Congress added two weeks ago when it passed the TARP.  In the next Congress my colleagues and I will seek to build on these measures and apply them more broadly.” 

 

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