Alan Grayson's bill to rein in bonuses clears House, heads to Senate

[tosh]

http://www.orlandosentinel.com/news/local/orl-asecbonus02040209apr02,0,995729.story

WASHINGTON — The U.S. House agreed 247-171 on Wednesday to a measure that aims to curb "excessive" bonuses at companies that received federal bailout money by giving more oversight power to Treasury Secretary Tim Geithner and financial regulators.

The bill would give power to federal officials to set performance standards for bonuses paid to employees at banks and other financial institutions that took billions in federal dollars as part of a massive government plan to rescue the nation's economy.

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" is based on two simple concepts. One, no one has the right to get rich off taxpayer money. And two, no one should get rich off abject failure," said U.S. Rep. Alan Grayson, a freshman Democrat from Orlando.

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