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White House Moves to Weaken Executive Salary Cap Rules

HeadlineFeb 16, 2009

While President Obama praised Congress for approving the stimulus package, White House officials said Sunday Obama wants to revise the part of the stimulus package dealing with executive compensation. Congress capped executive salaries and bonuses at all institutions receiving federal bailout money, but the White House wants executive pay to be limited only at banks that received what it has described as “exceptional assistance” from the government. In other economic news, President Obama has dropped plans to name a single “car czar” who would oversee the restructuring of General Motors and Chrysler.

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