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Still, the rules represent the most comprehensive effort to curb compensation.
In the 2010 financial reform package, known as the Dodd-Frank Act, lawmakers called for regulators to curb compensation that was considered excessive or pay that exposed a company to significant financial losses.
Despite financial reform intended to curb compensation, and a steep decline in trading volume, pay in the financial services industry has shown few signs of fading.
The public is so outraged at outrageous Wall Street salaries that Congress jammed a provision into the stimulus package that mandates the Obama Administration to issue rules to curb compensation.
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He plans hearings for next week to consider additional ways of curbing compensation, including reversing a cut in the tax rate that applies to the largest bonuses.
In his press briefing on Thursday, White House Press Secretary Robert Gibbs all but invited Republicans to attack the president's proposal to tax roughly 50 of the nation's largest banks as a way of recouping TARP funds and curbing compensation practices.
In the meantime, many state governments are passing their own laws to curb excessive compensation claims, especially over medical mishaps.
See articleCap in handThe European Union reached a preliminary deal to curb bankers' compensation that would drastically limit the amount that can be paid in bonuses.
Proponents of eliminating all administrative expenses from the calculation said the amendments would increase the money spent on administrative costs and do little to curb excessive compensation.
Mr Bush has repeatedly called on Congress for new federal laws to curb extravagant compensation claims and to stop lawyers "shopping around" local courts for a friendly judge who will be lavishly generous in awarding someone else's money.
PARIS — President Nicolas Sarkozy of France on Tuesday announced steps, agreed to by bankers, to curb excessive compensation in the industry as he pledged to push for tighter international rules at a meeting of global leaders next month.
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