WASHINGTON – Rep. Leonard Lance (NJ07), a member of the House Financial Services Committee, issued the following statement regarding the Committee’s approval of a measure putting new executive compensation restrictions on companies that have taken federal bailout money under the Troubled Asset Relief Program (TARP).

“Like many of members of Congress I believe we need to curb excessive and unnecessary executive compensation like the outrageous bonuses handed out to AIG officials. But we also must protect the well-designed, performance-based compensation systems for the thousands of hard-working employees in the financial services industry. The final legislation amended and approved by the House Financial Services Committee today is too broad, too ambiguous and raises too many questions at a time when certainty is badly needed. Congress has an obligation to address the bonus compensation issues, but it must do so in a practical, responsible and bipartisan way.”

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