Regulators introduce new rules to curb Wall Street pay
Source: Washington Post
NEW YORK – U.S. regulators proposed new rules on Thursday to overhaul the way Wall Street executives are paid, addressing years of complaints that excessive bonuses and salaries helped lead to the 2008 financial crisis.
The proposals are aimed at ensuring executives don’t make risky bets to boost their pay and then walk away with a large bonus before the consequences become clear. Under the proposed rules, for example, the nation’s largest banks would have up to seven years to “claw back” an executives’ bonuses if it turns out their actions hurt the institution.
The regulations are one of the last uncompleted provisions of 2010’s financial reform package approved by Congress, known as Dodd Frank, and one of its most controversial. A team of regulators, including those from the Securities and Exchange Commission and the Federal Reserve, initially proposed limits to pay and bonuses given to top executives at financial institutions in 2011.
But critics pounced on the proposal as weak, noting that it did not address the compensation of traders who can draw some of the biggest bonuses.
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Read more: https://www.washingtonpost.com/business/economy/regulators-introduce-new-rules-to-curb-wall-street-pay/2016/04/21/4a8ae25c-07cf-11e6-b283-e79d81c63c1b_story.html
By Renae Merle April 21 at 11:09 AM
= new reply since forum marked as read
Greasy, slimy, oozy things have a way of their own. Does anyone believe this or is it just a Dr. Feelgood thing?
'Regulators?' WTF, anyone have any idea how many regulators there are in DC???
I may have missed it, but WHICH regulators/regulatory authority proposed this???
