The bill adopted by the House on Wednesday would bar companies that received a capital infusion from the federal government from paying any bonus or other compensation that is “unreasonable or excessive” as defined by the Treasury, until they had repaid their bailout money to the government.
The companies would also be barred from paying any bonus that was not “directly based on performance-based measures.”
A spokesman for the Senate majority leader, Harry Reid, Democrat of Nevada, said his party would study the House legislation along with other proposals and would decide how to proceed “over the next few weeks.”
Michelle Malkin is so wrought up about it all that she called out the 10 Republicans who voted for the bill. Mebbe she'll sic Erik Erickson's Purity Patrol on 'em.
Ah, I love the smell of wingnut self-immolation in the morning.