Agencies Must Toughen Up Banker Pay Rules, Senate Panel Hears

Law360, New York (February 15, 2012, 6:19 PM EST) -- Advocates of restricted compensation for bankers told a U.S. Senate panel Wednesday that current proposals put forward by regulatory agencies do not go far enough to tie pay to performance for employees throughout major financial companies.

In testimony before the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, Columbia Law School professor Robert J. Jackson Jr. said rules put forward by the Federal Deposit Insurance Corp., the Board of Governors of the Federal Reserve System and other banking regulators do not force banks to provide...
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