US lawmakers to take up pay package bill

WASHINGTON: The US House of Representatives was expected on Friday to take up a bill aimed at curbing Wall Street pay packages that have spun up deep public outrage amid national belt-tightening.

The measure, sometimes dubbed "say-on-pay," would provide for annual, non-binding votes by shareholders on top executives' pay or arrangements like "golden parachutes" in the event their employment is terminated.

US government regulators could also ban any incentives-based pay agreement that "encourages inappropriate risks" by affected institutions that "could threaten the safety and soundness" of such companies "or could have serious adverse effects on economic conditions or financial stability," according to the text of the bill.

And financial firms would be required to disclose any compensation structures that include incentive-based elements. The House of Representatives' Financial Services Committee approved the measure earlier this week by a 40-28 vote.