Quote:
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Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, has said he will push legislation to require shareholder approval of executive compensation plans. And a separate bill before the Senate to raise the minimum wage would fund accompanying tax breaks to ease the burden on small businesses by capping executives’ tax-deferred pay packages at $1 million a year.
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It is this pending legislation that I believe Bush is trying to circumvent by recommending voluntary policing of executive salaries. I'm inclined to think that both proposals will be dead on arrival, and that Bush is merely engaging in populist happy talk.