Administration seeks increase in oversight of executive pay
Administration seeks increase in oversight of executive pay - International Herald Tribune
WASHINGTON: The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving U.S. government bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission. Last month, as part of the stimulus package, Congress barred top executives at large banks getting rescue money from receiving bonuses exceeding one-third of their annual pay.
So if I am that bank in Alaska that is doing well. Obama needs to come in and tell me how to run my business?
Are we really at the point where government is the answer to all problems?