WKYT | Lexington, Kentucky | News

Obama administration to issue new Wall Street pay curbs

WASHINGTON (AP) - The Obama administration is ready to issue
broad new principles on how to compensate top financial sector
Treasury Secretary Timothy Geithner and Federal Reserve Chairman
Ben Bernanke want to give the Fed and the Securities and Exchange
Commission greater powers to set compensation guidelines across the
financial sector.
The guidelines come as the administration also prepares to
announce new regulations restricting bonuses at financial firms
that got money from the $700 billion Troubled Asset Relief Program.
The regulations would limit top executives to bonuses no greater
than one-third of their annual salaries.
Executive pay is a politically charged issue. Bonuses issued in
March by insurance conglomerate AIG set off a public and
congressional outcry.
The financial sector has been pushing back, arguing that
restrictions that are too stringent could drive away professional

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