Pay for Performance Act of 2009
Picture it: you work for a company that has received some form of “capital investment” from the government. Suddenly, you’re making a lot less money than you were a few months ago. Why? Because Treasury Secretary and Turbo Tax expert, Tim Geithner, said so. He doesn’t know you. He doesn’t know what you do and doesn’t care how long you’ve been with that company. He has just decided that’s how much you are worth and that’s how much you’re going to make.
That could become a reality if Barney Frank and the House Financial Services Committee get their way. The committee recently passed the “Pay for Performance Act of 2009” bill which gives the United States government unprecedented amounts of power to determine how much any employee of any company that has received government investments can make. The bill gives Geithner full control, allowing the Treasury Department to decide on and execute a method for determining how much that employee is worth and when their salary or any bonuses have become “excessive.”
The bill was written by Congressman Alan Grayson (D-FL). Grayson told The Washington Examiner’s Byron York that the bill’s message is, “you should not get rich off public money, and you should not get rich off of abject failure.” But he didn’t stop there. Grayson also told York,
This bill will show which Republicans are so much on the take from the financial services industry that they’re willing to actually bless compensation that has no bearing on performance and is excessive and unreasonable. We’ll find out who are the people who understand that the public’s money needs to be protected, and who are the people who simply want to suck up to their patrons on Wall Street.
Funny, I thought Congress was in the business of passing bills for the good of the American people and in this case, to protect the American taxpayer whose money is being (for the most part unwillingly) “invested” in these companies. Sounds to me like Congressman Grayson is in the business of playing with our tax dollars for the sake of partisan politics, not doing what’s best for the country. Never mind the socialistic nature of the bill.
At what point does Congress get its own “Pay for Performance Act?” Seems to me they’re getting rich off public money and I don’t know about “abject failure” but take a look around – things aren’t going so well. Depending on what poll you read, anywhere from 50-75% of the country disapproves of the job Congress is doing, but in 2008, as thousands of Americans were losing their jobs, our dear leaders voted for themselves to receive a pay raise. When do we get to determine and execute a method to determine just how much our so-called leaders are worth? Something to think about as you hit the polls in 2010…