Pay Czar

I will continue to write about these unconstitutional czars and administration activities even if Congress demands and receives full accountability from them. Here is some information about yet another czar and yet another attack on the private sector.

Note the following excerpts from the NYT business section on June 7th:
"The strictest oversight of all will come from Mr. Feinberg, the administration’s compensation czar, who will actively vet all executive compensation changes at the companies that have received more than one taxpayer lifeline."

"But under the administration’s new plans, even companies that repay the taxpayer money will not escape some form of oversight on their compensation structure."

"Treasury Secretary Timothy F. Geithner plans to testify on compensation on June 18, and that may be when he outlines the principles for the entire industry. Those principles will be permanent: when bailed-out companies return the government money, they will still have to follow those principles."

I see two major problems highlighted in this news story. First, the President plans to appoint a person who is not accountable to Congress for actions that may very well affect all of the financial sector, even that portion which did not take a federal "bailout" in the first place. Will Congress stand by while their Constitutional authority is usurped?

Second, will this "czar" really regulate unbailed out companies and companies who have returned or plan to return their government loans? Will Congress stand by while this "czar" exceeds the original intent of TARP, while itself unconstitutional, in addition to the Constitution itself?

They say that this regulation will only apply to companies getting more than one bailout. What or who will stop them from regulating single-bailout companies? What or who will stop them from regulating companies that never took a bailout? What or who will stop them from regulating ALL companies in these great United States? What or who will stop them from regulating ALL compensation, not just executive salaries?

I believe that you are a target for regulation no matter what you earn under the current political class.