Just when I thought I had said all I needed to say about Barney Frank, that unhappy bully comes up with another idea certain to slow the economy.Â Didn’t he do enough when he thwart reforms of the Government-supported Enterprises (GSE), Fannie Mae and Freddie Mac.
But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.
Transferring ever more power to the government.Â That seems to be the Democrats’ game plan.Â Before they continue their game, they should study those nations which have done just that, taking a close look at their economic record.Â They didn’t see the kind of growth and innovation that has, by and large, defined the American economy,Â for the last sixty years.
What is Barney’s animus to capitalism, to private enterprise?Â He bends over backwards to prevent increased federal regulation of agencies backed up by the federal government, yet is ever eager to control institutions which have helped spur perhaps the great amount of wealth creation in human history.Â Institutions, I might add, upon whose success, the federal government depends for its revenue.
Looks like a few people need to read Mark Levin’s book.