US govt to seek approval of executive pay: report

By AFP

July 15, 2010 Updated Jun 8, 2009 at 3:01 AM CDT

The US government plans to require banks and corporations that have received federal assistance to submit any major executive pay changes for its approval, The New York Times has reported.

Citing two unnamed government officials, the newspaper said Monday the pay cahnges will be approved by a new federal official who will monitor executive compensation.

The proposal is part of a broad set of regulations on executive compensation expected to be announced by the administration as early as this week, the report said.

Some of the rules are required by law and would apply only to companies that received taxpayer money, the paper said.

Others, which are being described as broad principles, would set standards that the government would like the entire financial industry to observe.

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