WKYT | Lexington, Kentucky | News

Administration, Congress seek to rein in exec pay

WASHINGTON (AP) - Federal officials go before the House
Financial Services Committee today to air their views on executive
pay.
The Obama administration, which has maintained that excessive
compensation in the private sector contributed to the nation's
financial crisis, rejects direct intervention in corporate pay
decisions.
Instead, Treasury Secretary Timothy Geithner (GYT'-nur)
announced yesterday that the administration plans to seek
legislation from Congress to try to rein in compensation at
publicly traded companies through indirect means.
Committee Chairman Barney Frank says that while it's not up to
the government to discourage risk-taking and the rewards that come
with success, it shouldn't come without penalty for failure.
The Treasury Department, the Federal Reserve and the Securities
and Exchange Commission plan to testify on the issue at today's
hearing.


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