Senate Republican backs CEO pay limit in bailout

WASHINGTON (Reuters) - Placing conditions on pay for corporate executives who participate in a proposed Wall Street bailout plan enjoys broad support in Congress, a Republican member of the U.S. Senate Banking Committee said on Monday.

Speaking to reporters after meeting with other banking committee members, Sen. Mel Martinez of Florida said: "That's an issue, on a bipartisan basis, I think everybody wants to see something done on."

He said there would be "some way" to deal with compensation packages for executives of investment firms that participate in the bailout program. He added that Treasury Secretary Henry Paulson had "real concerns," but legislation could be written in a way that it would not be "offensive or create bigger problems."

(Reporting by Richard Cowan; editing by Tim Dobbyn)