House votes to clamp limits on bonuses

I know people are upset with the financial situation this country is in but slowly but surely the feds are finding ways to get deeper and deeper into the private sector.

From the article here,

"This is not the government taking over the corporate sector," Rep. Melvin Watt, D-N.C, said of the House action. "It is a statement by the American people that it is time for us to straighten up the ship."

The White House and Senate Democrats haven't endorsed the measure, leaving its prospects uncertain. The Senate Banking Committee planned to take up the proposal in the fall as part of a broader bill overhauling financial regulations.

"Obviously it has some important things that we think need to become law, and we'll take a look at the full bill," White House spokesman Robert Gibbs said Friday.

Since the new legislation would apply to companies not receiving bailout money, the effect will be to force "financial institutions who did not contribute to the crisis to pay for the mistakes of others," said Rep. Michael Castle, R-Del.

Rep. Jeb Hensarling, R-Texas, said a better solution would be to terminate the $700 billion bank bailout program established last year.

I agree with Jeb

Chas