The U.S. House of Representatives just voted to pass H.R. 3269, the "Corporate and Financial Institution Compensation Fairness Act. ATR, Americanshareholders.org and CFA opposed the bill and alerted Members that our respective organizations "may rate" a vote against the bill in our annual Congressional ratings.
From our alert:
We are currently witnessing “the abridgment of the freedom of the people by gradual and silent encroachments of those in power” James Madison warned against in 1788. After the recent series of government interventions into the private sector, it is time to draw the line.
This legislation delegates broad authority to unelected federal legislators and constitutes an unquantifiable yet undoubtedly expensive mandate on private sector companies which will further hamper our nation’s potential for economic growth.
Unfortunately, the House decided to further the "gradual and silent encroachments" Madison warned against.