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Frank eyes Friday for executive compensation vote
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07/26/09 07:08 PM ET
House lawmakers next week plan to cast their first votes on President Obama's overhaul of the financial regulatory system by taking up new restrictions on executive pay practices.
House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) said that his committee would mark up legislation on Tuesday and proceed to votes on the floor on Friday.
The legislation would require non-binding "say on pay" resolutions that are intended to give shareholders a greater say on executive pay practices at firms across the country. The legislation also aims to bolster the independence of compensation committees and requires financial firms "proscribe inappropriate and imprudently risky compensation practices as part of solvency regulation," according to Frank's office.
In a letter on Friday, Republicans on the committee sought to delay the markup and votes on the bill, arguing that there has not been a hearing on the issue since the bill was introduced. Republicans said the provisions on financial firms in particular "are both broad and vague and would vest enormous discretion in the regulators."
The letter, signed by every committee Republican except Rep. Ron Paul (Texas), notes that 20 percent of the committee's members are new and should be given more time to review the legislation.
"It does these members a disservice to ask them to consider this legislation without the benefit of a hearing and an opportunity to understand that they are voting on," the letter reads.
Steve Adamske, Frank's spokesman, said the hearing would go on as scheduled. "We have accommodated one delay already," he said. "They don't want to vote on executive compensation."
The Financial Services Roundtable, an industry trade association, is opposed to the bill and many financial groups have raised concerns.
House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) said that his committee would mark up legislation on Tuesday and proceed to votes on the floor on Friday.
In a letter on Friday, Republicans on the committee sought to delay the markup and votes on the bill, arguing that there has not been a hearing on the issue since the bill was introduced. Republicans said the provisions on financial firms in particular "are both broad and vague and would vest enormous discretion in the regulators."
The letter, signed by every committee Republican except Rep. Ron Paul (Texas), notes that 20 percent of the committee's members are new and should be given more time to review the legislation.
"It does these members a disservice to ask them to consider this legislation without the benefit of a hearing and an opportunity to understand that they are voting on," the letter reads.
Steve Adamske, Frank's spokesman, said the hearing would go on as scheduled. "We have accommodated one delay already," he said. "They don't want to vote on executive compensation."
The Financial Services Roundtable, an industry trade association, is opposed to the bill and many financial groups have raised concerns.
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