If there's one lesson to be learned from the uproar over American International Group's bonuses, it's this: Be careful.

In a barely controlled fit of moral outrage, the House on Thursday passed legislation to slap a 90 percent tax on bonuses of anyone at any bank receiving $5 billion in federal bailout money who earns more than $250,000 a year. The Senate is considering similar use of the tax code to punish AIG bonus recipients.

Certainly the anger is understandable. The $165 million giveaway for employees in AIG's Financial Products division — ground zero for AIG's near-fatal collapseand subsequent $170 billion government bailout — was ill-advised and unjustified. Taxpayers should get that bonus money back. In fact, some of the bonus-getters, including nine of the 10 top ones, have agreed to return their shares.

Congress is right to crack down on undeserved executive bonuses. But its extreme reaction in this case, made in the heat of the political moment, does not inspire confidence. The proposed punitive tax would affect many innocent employees needed to help guide Wall Street's recovery. Legal experts say it could violate Article 1, Section 10 of the Constitution.

The AIG mess, while outrageous, shouldn't dominate Congress' attention when there are more important tasks at hand: Developing sensible, predictable regulations that the public and the government's private-investor partners can count on while rebuilding our economy.

The Obama administration's bank rescue plan depends on such confidence. So does the nation's economic recovery.