Frank: SEC Pay Oversight Would Limit 'Excessive Risk'
A new bill giving the SEC power to directly limit compensation for Wall Street employees will help put an end to a culture of excessive risk-taking, Congressman Barney Frank told CNBC Tuesday.
The bill was was approved late Tuesday by the House Financial Services Committee, which Frank chairs. The measure was approved in a 40-28 party-line vote.
The bill advances a component of the Obama administration's broad plan to tighten financial regulation. It's expected to be voted on by the full House on Friday.
