Tags: Barack Obama | presidential | pension | cap | bill | 400 | 000

Chaffetz, Ernst Move to Cap Obama's Pension After Big Gig Price Tags Leak

Image: Chaffetz, Ernst Move to Cap Obama's Pension After Big Gig Price Tags Leak
Former President Barack Obama (Ethan Miller/Getty Images)

By    |   Wednesday, 03 May 2017 09:14 PM

Two Republicans are reportedly set to reintroduce a bill capping pensions of former presidents if they take outside income of $400,00 or more — a measure Barack Obama vetoed and would, if passed, hurt his bottom line.

"The Obama hypocrisy on this issue is revealing," Utah GOP Rep. Jason Chaffetz, who sponsored the 2016 bill in the House, told USA Today.

"His veto was very self-serving."

Chaffetz and GOP Iowa Sen. Joni Ernst will reintroduce the Presidential Allowance Modernization Act this month; the legislation would cap presidential pensions at $200,000, with another $200,000 for expenses, USA Today reported.

Those payments would be reduced dollar-for-dollar once outside income exceeds $400,000 – the amount Obama has accepted as a fee for a speech he'll give to Wall Street firm Cantor Fitzgerald in the fall.

When Obama vetoed the bill last July, he argued it would have "unintended consequences" and "impose onerous and unreasonable burdens" on former presidents by requiring them to immediately lay off staff and find new office space, USA Today reported.

Obama spokesman Kevin Lewis told USA Today the former president had no comment on the legislation. But a spokesman for President George H.W. Bush told the outlet he doesn't oppose changes to the law.

"At age 93, he recognizes that any change to the act would have a greater impact on the other former presidents," spokesman Jim McGrath told USA Today.

"For the sake of future occupants of the office, he does think some consideration should be given to the public role former presidents play — and we are told that very positive conversations addressing that and other matters have taken place."

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
Politics
Two Republicans are reportedly set to reintroduce a bill capping pensions of former presidents if they take outside income of $400,00 or more - a measure Barack Obama vetoed and would, if passed, hurt his bottom line.
presidential, pension, cap, bill, 400, 000, chaffetz, ernst
271
2017-14-03
Wednesday, 03 May 2017 09:14 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved