Barney Frank pushes through more ridiculousness

Keep in mind that this is the same guy who was, in 2006, insisting that there was "nothing wrong" at Freddie Mac and Fannie Mae.

He's now pushing for more salary regulations. However, he's not looking to regulate just top-earning executives' pays.

No. He wants more.

Via Byron York at the Washington Examiner:

But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

Does anyone besides me find this to be little more than a power grab?