Senate Finance Committee members Nov. 19 wrote Treasury Secretary Henry Paulson seeking assurances that his revised plan for doling out $700 billion in financial bailout funds still will utilize the tax provisions Congress intended to keep companies from offering golden parachutes to their executives.

Treasury's Nov. 12 announcement that it will not implement its plan to buy troubled mortgage-related assets also may mean that many of the tax provisions crafted to apply to executive compensation in cases of auctioned assets may also be discarded, lawmakers fear.

"Congress was deliberate in giving Treasury some latitude to make changes to the program as details of the crisis emerged. But we were also deliberate in crafting a law that makes sure that taxpayers are protected... I insisted that this bill prevent companies from lavishing executives with golden parachutes and curb executive compensation overall, and I meant it," Finance Committee Chairman Max Baucus (D-Mont.) said in a statement.

Baucus, joined by seven other Finance Committee Democrats and one Republican--Sen. Olympia Snowe (R-Maine)--said in their letter to Paulson that they appreciate Treasury's quick work in developing and issuing the guidance outlining the implementation of the executive compensation provisions, but now worry that efforts to stop "golden parachutes" will be abandoned.

"We want to convey our concern that the executive compensation provisions continue to be a priority in the implementation of [the Emergency Economic Stabilization Act]. We expect that the Treasury, in implementing EESA, will carry out both the letter and the spirit of the law and the accompanying guidance," the senators said. "We also expect continued transparency throughout the process--on behalf of both Treasury and the companies involved in the rescue program."