October 22, 2009
The U.S. Treasury and the Federal Reserve unveiled a set of curbs and rules for executive compensation at U.S. banks that mark a watershed moment for government intervention in the private sector.
The Fed is proposing that it more aggressively regulate compensation practices at U.S. American banks under its control. The central bank "is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system," Fed Chairman Ben Bernanke said Thursday.
The policies would become part of the supervisory process, the Fed said, noting large, complex organizations would face special "horizontal" reviews that compare one bank's pay practices with those of its peers.
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