Bachmann lies, financial reform edition

According to the Minnesota Independent, Bachmann went on some talk radio show and lied about what the financial reform bill contains. We doubt that conservative talk radio fact-checks anything, or at least anything said by Bachmann, but luckily for us, the Independent did it for them! Quote:

This is breathtaking in the level of power that government will have over our lives when it comes to credit,” she said of the financial reform bill. “It gives government the authority to decide, for instance, how much a bank teller in Peoria, Illinois, will be making going forward because a pay czar will decide what anyone in banking will be able to make.”

According to the bill currently being considered in the Senate, there is no “pay czar” or provision governing payment of bank tellers. The bill provides that standards for compensation committees within financial institutions to oversee the compensation of bank executives. That can be found in Subtitle E (pdf) of the bill called, “Accountability and Executive Compensation.” It also directs financial institutions to hold a yearly vote on executive compensation.

PDF theirs! Thank you, Minnesota Independent, for relieving us of the need to find the bill ourselves.

She also said Obama was “infantile” for spending money and then not making hard decisions, which is funny for several reasons:
1. She had just finished calling him paternalistic moments before.
2. All the bank bailout stuff she’s obliquely referring to happened under Bush, which almost every Republican in America has now conveniently forgotten.
3 At least you’re actually present in Congress when you hit the “present” button.


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