Frank seeks to ban ‘incentive-based' executive pay

(NECN: Washington) – Congress is looking to give government a direct role in how much Wall Street executives are paid. This comes after a report on the nation’s banks that received bailout money. The report from the New York attorney general says Citigroup gave 738 employees bonuses of at least $1 million. The banks top four recipients got nearly $44 million. Representative Barney Frank of Massachusetts is pushing legislation to ban “incentive-based” pay that could threaten the economy. Frank (D) is the chairman of the House Financial Services Committee.