Congress strengthens exec pay limits - KWWL - Eastern Iowa Breaking News, Weather, Closings

Congress strengthens exec pay limits


WASHINGTON (KWWL) - The new economic stimulus package is even tougher on limiting bank executive bonuses than President Barack Obama wanted.

The stricter rules were added to the $787 billion bill over the White House's objections. The rules say an executive making $1 million a year in salary could receive only a half-million in bonus money. Senate Banking Committee Chairman Christopher Dodd said the restrictions are needed if Obama is thinking about asking Congress for more money to save the financial sector.

The president could sign the measure into law as early as Monday.

Online Executive Producer Nate Leding

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