Regulators seek delay of bonuses
Federal regulators have proposed making top executives at large financial firms wait at least three years to be paid half of their annual bonuses, a move designed to cut down on risky financial transactions.
The Federal Deposit Insurance Corp. voted Monday to advance the rule, which builds on more general requirements in last year’s financial regulatory law to curtail risk taking. The rule targets firms with $50 billion or more in assets, seeking to tie bonuses with financial performance over a longer time period.
The requirement would apply major financial institutions, such as Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc., and Wells Fargo & Co.
Lawmakers and government officials have blamed outsize bonuses for helping to fuel the financial crisis, saying they encouraged short-term risk taking. The financial regulatory law enacted last year simply directed government regulators to put in rules to prohibit incentive-based payments that encourage excessive risks.
Other financial regulators - including the Federal Reserve, two Treasury Department agencies, and the Securities Exchange Commission - must also adopt the bonus rule before it can be finalized. They are expected to act in the next few weeks, and the final rule could take effect by the fall, officials said.
Diesel spilled outside executive mansion
A tanker truck has dumped part of its load of diesel fuel on Pennsylvania Avenue in front of the White House.
However, a Secret Service spokesman said the fuel did not pose any danger, and crews are in the process of cleaning it up.
Spokesman Max Milien said Monday the truck was leaving the White House grounds when it sprang a leak. A hazardous materials team from the District arrived quickly and ensured the scene was safe.
Workers poured sand and gravel on the fuel to soak it up, then used brooms to collect the residue.
The spill occurred ahead of a late-morning speech by President Obama at the U.S. Chamber of Commerce, across the avenue - and Lafayette Park - from the White House.
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