Congress’s push to overhaul financial services regulation has picked up speed with passage by a key committee of a bill that would reform financial institutions’ executive pay practices.
The House Financial Services Committee voted 40-28 on Tuesday to approve H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, which would, among other things, give shareholders a non-binding “say on pay” vote for top executives. It would also require the compensation committees of public companies to be made up of independent directors.
