Bank regulators may get power to ban bonuses at banks


The House of Representatives may vote as early as Friday to give regulators the power to ban incentive pay at banks and give shareholders the right to vote on bonuses. The bill, adopted by the House Financial Services Committee, is Congress's response to the outcry from the public over Wall Street excessive compensation, especially by banks that took bailout money from the government.

No Republican voted for the measure because they say this bill essentially gives the government the right to determine pay.

Originally published