Our Byron York caused quite a stir yesterday with his report that congressional liberals led by House Financial Services Committee Chairman Barney Frank, D-MA, and Rep. Alan Grayson, D-FL, are determined to return to the federal government a kind of power to set private sector wages not seen since the Nixon administration.

Grayson’s Pay for Performance Act of 2009 would give the Secretary of the Treasury authority to set compensation standards, including salaries and bonuses, for all employees of financial companies receiving an unspecified amount of tax dollars under a federal economic recovery program.