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Washington
Frank announces House hearing on compensation
WASHINGTON (1/14/10)—House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) on Wednesday announced that the Committee will “discuss the issue of compensation practices for both financial and non-financial firms” at a Jan. 22 hearing. During the hearing, Frank said that “the question of compensation for people in the financial industry is a legitimate cause of concern in the country as a whole,” and he plans to look at the issue of compensation “in the broadest context.” Among the issues cited by Frank are the potential broadening of say on pay rules. Frank also said that he intends to explore the claims of many financial firms that they would lose key employees or simply move overseas if the tougher standards contained in recently passed legislation are imposed. The House passed a number of financial regulatory reforms before leaving for the recently completed winter recess, and the Senate plans to take up financial reforms after it returns to Washington early next week.


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