Rep. Frank wants bailout plan pay limits-spokesman

WASHINGTON (Reuters) - U.S. Rep. Barney Frank wants limits on executive pay at banks and other institutions that would be helped by a $700 billion, taxpayer-funded market bailout plan unveiled by the Bush administration, a spokesman for Frank said on Saturday.

The U.S. Treasury Department unveiled a massive proposal to buy up distressed assets from banks and other U.S.-based institutions in an effort to calm Wall Street and attack the credit crunch that has weighed on capital markets for months.

"We're not going to take the Treasury language as given. There are going to be some changes," said Steven Adamske, a spokesman for the Massachusetts Democrat, who is chairman of the House of Representatives Financial Services Committee.

"We're going to insist on two very important things. The first is some curtailment of executive compensation for companies that we buy these assets from. The second is a greater emphasis on foreclosure mitigation for these mortgage backed assets that we purchase," Adamske said.

(Reporting by Kevin Drawbaugh)