U.S. Senate Republicans back executive pay limits

WASHINGTON, Sept 23 Tue Sep 23, 2008 3:54pm EDT

WASHINGTON, Sept 23 (Reuters) - U.S. Senate Minority Leader Mitch McConnell said on Tuesday that many of his fellow Republicans want to see limits on executive pay included in the proposed $700 billion Wall Street bailout.

"We are going to advance taxpayers' dollars, and government ends up in effect taking an equity position in businesses," McConnell told reporters. "I think the taxpayers should expect no less than strict limits on the type of executive compensation that might be possible for those involved in these partially government-controlled enterprises."

McConnell spoke to reporters after Senate Republicans held a closed-door meeting with Treasury Secretary Henry Paulson on the bailout. McConnell said a number of Republicans expressed that view and also said that lawmakers were anxious "to act quickly to restore confidence in the markets and in our country." (Reporting by Donna Smith; Editing by Brian Moss)