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Sunday, August 2, 2009
The House passed a measure to curb executive compensation for all publicly held companies. The legislation, if enacted, could affect public companies of all sizes, and financial-services firms found the risk-taking provisions especially worrisome. Many business groups and Republican lawmakers have raised concerns about the measure, arguing that mandated annual votes would impose new costs on firms, among other issues.
Under the bill's terms, any shareholder votes on compensation and "golden parachutes" would be nonbinding. And the Securities and Exchange Commission would be allowed to exempt certain firms from the bill's provisions, including smaller public companies. Companies would have to ensure that their compensation committees are made up of independent board members.
Republican Rep. Spencer Bachus of Alabama suggested the measure would allow the government to impinge on the rights of private corporations. "Government bureaucrats don't know what's best for America," he said.
This is another step for socialism for the Obama administration. Just think, if you start a private corporation , sacrifice for you and your family you now eventually could have to answer to a governmental agency, a la your health now, to "approve" your annual compensation notwithstanding consideration of your years of hard work and sacrifice.
WRITE YOUR CONGRESSMAN AND SENATOR TO KILL THIS MEASURE BEFORE IT BECOMES LAW!!!