Fed guidelines for bank pay

In an effort to avoid unnecessary risk taking in the financial services monayyindustry, the Federal Reserve has issued guidelines regulating bankers’ pay.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says it’s a welcome step but not enough.

What is missing is a recognition that the empowerment of shareholders through ‘say on pay’ and other governance changes is the most powerful way for controlling out-of-control pay practices.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

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