Barney Frank: TARP's comp curbs could be extended to all businesses

Financial Week reports:

Congress will consider legislation to extend some of the curbs on executive pay that now apply only to those banks receiving federal assistance, House Financial Services Committee Chairman Barney Frank said.

“There’s deeply rooted anger on the part of the average American,” the Massachusetts Democrat said at a Washington news conference today.

He said the compensation restrictions would apply to all financial institutions and might be extended to include all U.S. companies.

The provision will be part of a broader package that would likely give the Federal Reserve the authority to monitor systemic risk in the economy and to shut down financial institutions that face too much exposure, Mr. Frank said.

Who would have thought that Barney Frank(Democrat-Fannie Mae) would encourage legislation limiting compensation:even for companies not getting TARP money? No word yet on Barney Frank suggesting Massachusetts state troopers compensation should limited to less than the Governor of Massachusetts.