Obama calls for oversight of all executive pay

The Global Edition of the New York Times is reporting that, “The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation.”

If a company accepted bailout money from the Federal government, then the government can rightly have some say in limiting executive pay. But ominously, the Obama administration is now trying to extend that control to all publicly traded companies.

“The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving U.S. government bailout money. Officials say the rules could also be applied more broadly to publicly traded companies”