For Immediate Release
Obama Cap on Executive Pay: Statement by Consumers Union
WASHINGTON - The Obama administration today is expected to announce that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a financial compensation plan.
Pamela Banks, policy counsel for Consumers Union, praised the proposal:
"When companies get bailouts, taxpayers shouldn't have to bankroll exorbitant salaries for executives. For the sake of fairness and transparency, this is the right thing to do."
Consumers Union, publisher of Consumer Reports, is an independent, nonprofit testing and information organization serving the consumer. It is a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, CU's mission has been to test products, inform the public, and protect consumers.