How Iowans voted on the bonus tax for bailout recipients

The U.S. House of Representatives approved by 328 to 93 a bill that would put a 90 percent tax on bonuses over $250,000 that any financial institution receiving bailout money pays to employees. The bill is not limited to AIG, which sparked public outcry by paying at least 73 employees bonuses of more than $1 million.

Here is the roll call. All three Democrats representing Iowa in the U.S. House (Bruce Braley, Dave Loebsack, and Leonard Boswell) voted yes on retrieving most of the taxpayer dollars being squandered on excessive Wall Street bonuses.

Steve King was among the 87 House Republicans who voted no. It would be interesting to hear his reasoning. House Republican leader John Boehner claimed to be against the bill because the excessive bonuses were to be taxed at 90 percent rather than 100 percent. Riiiight.

Tom Latham, who voted against the Wall Street bailouts last fall, was one of 85 Republicans who joined the Democratic majority in voting yes today. I am curious to know when Latham cast his vote. According to Chris Bowers, “Republicans were running 2-1 against the bill for a while, but are now changing their votes in the face of overwhelming passage.”

UPDATE: The Democratic Congressional Campaign Committee put out a press release slamming King for this vote. I’ve posted it after the jump.

March 19, 2009

Steve King Votes to Protect Outrageous AIG Bonuses

Representative Steve King is a reliable rubber stamp for the Republicans’ “just say no” agenda – yet again protecting the outrageous bonuses AIG senior executives received.   This is the fourth vote Representative King and Republican leaders have cast in  Washington to block limits on outrageous pay and bonuses.

“When rhetoric met reality, Representative King sided with executives making outrageous bonuses paid for by American taxpayers,” said Jennifer Crider, Communications Director for the Democratic Congressional Campaign Committee.  “After years of blocking limits on shameful executive bonuses, Representative King again said ‘no’ to preventing AIG from doling out bonuses, ‘no’ to recouping those bonuses, and ‘no’ to stopping future bonuses.  Representative King and Republican ‘just say no’ leaders need to shelve the phony outrage and start standing up for middle class taxpayers.”

BACKGROUND

King Voted Against Taxing Bonuses Paid to AIG Executives and other Companies Receiving Federal Assistance (2009) http://clerk.house.gov/evs/200…

• Republicans  opposed taxing bonuses paid to AIG executives and other companies  receiving federal assistance through TARP.

King Voted Against President Obama’s Economic Recovery Act (2009) http://clerk.house.gov/evs/200…

• Republicans  unanimously opposed eliminating all future golden parachutes for TARP  senior executives, stopping incentives for top executives to take unnecessary  risks, and cracking down  on future bonuses, retention awards, and incentive compensation for all  TARP executives.

• Despite  Republicans’ obstructionism, President Obama’s economic  recovery act was signed into law last month.

King Voted Against the Shareholder Vote on Executive Compensation Act (2007)  http://clerk.house.gov/evs/200…

• Republicans opposed:  Providing annual, clear disclosure of executive compensation and a sense  of the views of stockholders regarding the company’s compensation  plans.  Requiring that shareholders of all publicly traded companies can  vote to express their views on executive compensation plans.   Requiring a vote for shareholders to express their views before a company  can award a severance package while simultaneously negotiating the  purchase or sale of the company.

King Voted to Strip Investor Protection, including Limits on Executive Compensation (2007)  http://clerk.house.gov/evs/200…

• House Republicans,  led by Congressman Price of  Georgia , offered an amendment  that would strike the entire shareholder vote bill and replace it with  2006 rules that said investor protections, including placing limits on  executive compensation and bonuses, were sufficient and Congress  didn’t need to increase them.

• Substitute Amendment  to HR 1257, the Shareholder Vote on Executive Compensation Act (2007).

 

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