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Senate Opposes CEO Pay Amendment on Health Reform Bill

Source: Business Journal

Posted on 07 Dec 2009

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The U.S. Senate turned down a proposal Sunday that would have limited private health insurance company CEO pay to $400,000 annually.

The health reform plan passed by the U.S. House limits health insurance CEO's to $1 million per year. The Senate amendment that failed Sunday would have taken it a step further and put CEO pay at the same salary level that of the U.S. President.

The amendment needed 60 votes to become part of the health care bill being considered by the Senate and fell short by four with 42 no votes. Arizona’s two senators, John McCain and Jon Kyl, voted against the $400,000 pay cap.

The health insurance industry has lobbied against health reform plans to create a public system to cover the uninsured and operate along side private providers. CEO pay and bonuses received by insurance company executives has come under scrutiny during the debate.

Both McCain and Kyl oppose the so-called public option health reform. The Senate continues to consider health reform this week with key votes upcoming, including whether abortions might be covered in the government system. Health reforms passed the U.S. House last month.


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