Dodd-Frank mandates that executive compensation rules must be put into place.
Actor Leonardo DiCaprio, in his role as Jordan Belfort in the 2013 film,"The Wolf of Wall Street."Formulating new rules to limit Wall Street pay is back on regulators' front burners, according to a new report fromThe US financial collapse and ensuing Great Recession began more than a decade ago, and that financial turmoil led to financial regulations passing the Dodd-Frank bill of 2010.
"Compensation systems — designed in an environment of cheap money, intense competition, and light regulation — too often rewarded the quick deal, the short-term gain — without proper consideration of long-term consequences," according to the commission's"Often, those systems encouraged the big bet — where the payoff on the upside could be huge and the downside limited. This was the case up and down the line — from the corporate boardroom to the mortgage broker on the street.
In its report published on Tuesday, The Journal claims officials from the"Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, and Federal Reserve" are in the early stages of rules discussions. The Federal Reserve and the OCC told The Journal that they are"committed" to finalizing a rule, and the FDIC had no comment.
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