Unconstitutional, Part II

Ran across this at I Am Simon Jester:

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.
...
The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

(Simon Jester cited Vodkapundit, quotes form the original DC Examiner article, here.)

They've been setting minimum wage for all, for decades.

Now they want to set maximum wage, too.

Note, however, that they are announcing to the world that agreements with the US Government aren't with the paper they're printed on, because we'll just go ahead and retroactively impose whatever terms we want.