Frank Dismisses Bush Concession on Executive Pay

Posted September 24, 2008 at 2:43pm

House Financial Services Chairman Barney Frank (D-Mass.) shrugged at the news Wednesday that the White House is now open to including executive compensation caps in the administration’s bailout plan.

The issue had been a point of contention between Democrats and Treasury Secretary Henry Paulson, but Frank said the White House concession was “irrelevant.”

Conservatives such as Reps. Jeb Hensarling (R-Texas) and Jeff Flake (R-Ariz.) have joined Democrats in insisting on executive compensation caps, and that left Paulson outnumbered.