House Panel Takes Harder Line On Wall Street Pay

By: Associated Press Email
By: Associated Press Email

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Tuesday, July 28, 2009

A House panel has voted to ban corporate pay practices at financial firms that encourage "inappropriate risk," going farther than President Barack Obama wanted in trying to rein in excessive salaries and bonuses on Wall Street.

Lawmakers, including Republicans who rejected the proposal because they said it went too far, said they were under tremendous pressure from constituents.

Tuesday's action in the House Financial Services Committee paves the way for a full House vote on Friday. Democratic leaders are aware of the bill's populist appeal, and they have left the legislation as one of their final acts before breaking for a month-long recess.

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