Congresswoman Barbara Lee Applauds Obama Order to Limit Executive Pay
For Immediate Release
February 4, 2009
Contact: Nicole Y. Williams
(202) 225-2661
Washington, DC – Today, Congresswoman Barbara Lee (CA-9), released this statement in response to President Barack Obama’s decision to limit the annual salaries of top executives at financial firms that receive money through the bailout program to $500,000 per year:
“It is insensible that the heads of the financial firms that have relied on tax payer dollars to keep their companies afloat continue to receive perks and bonuses on the backs of hard working Americans. It is time that we start reinvesting our resources in the people of this country and stop lining the pockets of corporate fat cats.”
“I am pleased that President Obama has taken action to bring fairness and a dose of reality to Wall Street and I hope that he would consider supporting a bill I will be re-introducing, the Income Equity Act which will limit the tax deductibility of the wages and total compensation packages of corporate executives to 25 times the wages of the lowest paid worker in the corporation.
“Just as we should not be using tax dollars to subsidize huge bonuses or dividend payments to stock holders, we should not allow the tax code to allow the deduction of massive executive pay packages.”
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