The Secretary Treasury says the government is not evading putting limits on CEO pay.
Wired PR News – Timothy Geithner, U.S. Secretary Treasury, stated on Sunday that the White House was not trying to assist companies with tiptoeing around limiting executive pay. As reported by Reuters, Geithner remarked in an interview with CBS’s “Face the Nation” that statements in a recent Washington Post report that suggest the government is attempting to allow exceptions for restrictions placed on companies in regards to executive pay are not true.
Geithner is quoted by the AP as stating to the program, “Now, our obligation is to apply the laws that Congress just passed on executive compensation and we’re going to do that… We’re also going to make sure that these programs are as effective as possible in making credit more available to businesses and families across the country.”
As noted by the AP, the “Pay for Performance Act of 2009” was recently passed in the House and will proceed to the Senate.