Duncan Praises Limit on Excessive Pay

Washington, DC -- Congressman John J. Duncan, Jr. (R-Tenn.) today applauded efforts to limit excessive compensation at financial institutions receiving federal bailout funds.

Congressman Duncan first advocated that executive compensation be limited to no more than that of the president of the United States in a newspaper column on December 18, 2008.  Even before that date, he had a staffer working with the Congressional Research Service to develop legislation to limit executive pay.

“I believe the only way that we can recover economically is to let the free market system work, and I do not think the federal government should set compensation levels for private companies.  However, if a company receives taxpayer funds it is reasonable to limit excessive compensation until the taxpayers have been repaid.”