For Immediate
Release: Contact: Steve Adamske (202) 225-7141
October
14,
2008
or
Heather Wong (202) 226-3314
Frank Statement on Treasury Executive
Compensation Announcement
“The steps that the Treasury announced
today with respect to executive compensation are historic and set an
important precedent.
This is the first time in American history that the federal government has
applied restrictions on the compensation that goes to top executives. We will
be watching how the Treasury implements these important provisions to ensure
that the restrictions are binding and enforceable.
“These steps were mandated by the provision
that Congress added two weeks ago when it passed the TARP. In the next Congress
my colleagues and I will seek to build on these measures and apply them more
broadly.”
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