If you read the major news media’s reporting this week on the executive compensation limits that were included in today’s newly-signed stimulus law, you’d think the pay caps were one of those sneaky, dark-of-night maneuvers on the part of Senate Democrats.
The Chicago Tribune says the compensation rules were “inserted at the last minute” into the stimulus. USA Today goes with “thrown in at the last minute,” while CBS News makes the dramatic claim that Sen. Chris Dodd (D-CT) “slipped in [the] little-noticed provision.”
Incredible! If only it were true. Dodd’s CEO pay limits were added to the Senate’s stimulus plan by voice vote, with no objection from either party, more than 10 days ago.
It was only the fact that the pay caps survived an attempt to slice them from the bill that was at all unexpected. Two other strong proposals to limit compensation at bailed-out banks were yanked from the stimulus at the last minute — not added.
In fact, Rep. Brad Sherman (D-CA), the House Financial Services Committee member who first blew the whistle on the attempts to scrap the pay caps, reminded Fox Business Channel of the truth during a weekend interview. We’ve got the video for you after the jump.