House Committee Limits Bonuses

Just as the financial crisis reached its climax, the public was outraged to discover the unbelievably excessive bonus compensations that many Wall Street executives were taking as the rest of the country suffered. Now, the House Financial Services Committee has approved a bill given federal regulators the power to ban incentive pay at banks and shareholders the ability to vote on bonuses.
 
Under the proposed legislation, the Securities Exchange Commission to prevent any compensation practices that would end up constituting excessive risk. However, the bill still must be approved by the House and the Senate before it gets viewed by the …read more