Government Moves to Regulate Bank Compensation

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October 22, 2009

Government Moves to Regulate Bank Compensation

The Treasury and the Federal Reserve unveiled a set of rules for executive compensation at American banks that mark "a watershed moment for government intervention in the private sector," the Wall Street Journal reports.

The Fed is proposing that it "more aggressively regulate compensation practices at banks under its control."

Fed Chairman Ben Bernanke said the central bank "is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system."

These rules would apply to all banks and not just those who received bailout funds.

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Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country, including the Washington Post, USA Today, Boston Globe, San Francisco Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science Monitor.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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October 22, 2009