Republicans Block House Measure on AIG Bonuses

3-20-09, 2:36 pm

House Republicans, Thursday March 19, blocked a resolution that expressed congressional outrage over the AIG bonus fiasco, demanding a return of the funds paid to AIG executives.

The resolution, which can be seen below, required a two-thirds majority to pass in the House. 159 Republicans voted against the measure, killing it.

According to the text of the resolution, if it had passed, it would have called on the Obama administration continue 'all necessary actions' to get the AIG bonus money back and to end 'unreasonable and excessive compensation payments' for executives at banks that get bailout money.

In addition, the resolution urged that the administration create new rules 'limiting base salaries for executives to no more than $500,000 per year, banning golden parachutes, limiting bonuses for executives, requiring shareholders to approve pay packages, requiring executives to certify they are meeting the law’s restrictions, requiring a company-wide policy on luxury expenditures, and prohibiting compensation on the basis of excessive risks that threaten the viability of such companies, and adhering to all executive compensation guidelines the Secretary of the Treasury may establish.'

Apparently, Republican leaders who expressed so much outrage at AIG, just couldn't put their votes where their mouths were.

See the resolution here:

click link to go to the resolution