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American Recovery and Reinvestment Act of 2009 (view source)
Revision as of 04:05, August 25, 2010
, 04:05, August 25, 2010ObamaCare
Responding to public outrage against bankers who paid themselves billions of dollars in bonuses while their banks were collapsing and investors losing 95% of their money, the bill imposes tight restrictions on executive bonuses at financial institutions. The provision, inserted by Senate Democrats over the objections of the Obama administration, affects banks that have received financial [[bailout]] funds. It prohibits cash bonuses and almost all other incentive compensation for the five most senior officers and the 20 highest-paid executives at large companies that receive money under the Treasury’s Troubled Asset Relief Program, or [[TARP]]. Bonuses are limited to one-third of salary and must be in a form that is paid out only after the banks repay their loans from the government.<ref> Edmund L. Andrews and Eric Dash, "Stimulus Plan Sets New Limits on Executive Pay," [http://www.nytimes.com/2009/02/14/business/economy/14pay.html?ref=business ''New York Times'' Feb. 13, 2009]</ref>
Responding to public outrage against bankers who paid themselves billions of dollars in bonuses while their banks were collapsing and investors losing 95% of their money, the bill imposes tight restrictions on executive bonuses at financial institutions. The provision, inserted by Senate Democrats over the objections of the Obama administration, affects banks that have received financial [[bailout]] funds. It prohibits cash bonuses and almost all other incentive compensation for the five most senior officers and the 20 highest-paid executives at large companies that receive money under the Treasury’s Troubled Asset Relief Program, or [[TARP]]. Bonuses are limited to one-third of salary and must be in a form that is paid out only after the banks repay their loans from the government.<ref> Edmund L. Andrews and Eric Dash, "Stimulus Plan Sets New Limits on Executive Pay," [http://www.nytimes.com/2009/02/14/business/economy/14pay.html?ref=business ''New York Times'' Feb. 13, 2009]</ref>
===Health Care Provisions===
[[Barack Obama|President Obama's]] stimulus package included provisions that had little to do with stimulating the economy, such as "health rules," of which will affect "every individual in the United States."<ref>Betsy McCaughey. [http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLzfDxfbwhzs Ruin Your Health With the Obama Stimulus Plan], bloomberg.com, February 9, 2009.</ref> It created a new bureaucracy, the National Coordinator of Health Information Technology, which will monitor treatments to make sure doctors are doing what the federal government deems appropriate and cost effective: [[Donald Berwick]] was appointed by Barack Obama to manage the health care rationing agenda. These provisions in Obama's stimulus bill are also identical to what [[Tom Daschle]] prescribed in his 2008 book, ''Critical: What We Can Do About the Health-Care Crisis.'' According to Daschle, doctors have to give up autonomy and “learn to operate less like solo practitioners.”
[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]
[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]