Anne Flaherty of the Associated Press reports today on Forbes.com -”Congress wants to give the government a direct role in deciding how much executives on Wall Street are paid, after the biggest U.S. banks accepted billions in taxpayer money and still managed to distribute $1 million bonuses to thousands of employees.

The House was expected to pass legislation Friday by Rep. Barney Frank, chairman of the House Financial Services Committee, that would ban “incentive-based” pay that could threaten the economy or viability of the institution.

The bill, which would give regulators nine months to hash out the details, would give the government unprecedented say in how private corporations reward brokers and traders.

Democrats said excessive salaries and bonuses risk harming the broader economy.”

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