Event Calendar
Teleconference: Federal Reserve Initiative on Bank Pay Practices
Date(s): January 18, 2012
Time: 2:00 PM ET - 3:00 PM ET
Mark Carey, senior adviser, Division of International Finance, at the Federal Reserve Board, discussed the Fed’s efforts to prod banks to restructure their compensation programs to eliminate incentives that can spur employees to take imprudent risks on Wednesday, January 18 from 2-3:00 p.m. (ET).
Under its supervisory powers, the Fed in late 2009 issued new guidance on pay to 16 U.S. banks and nine foreign banks with major U.S. operations. Many more financial institutions will have to adopt similar pay curbs under a provision of the Dodd-Frank Act. Carey, an economist, discussed why the Fed believes that compensation for financial firms should be structured differently from pay at non-financial companies. He also outlined the Fed’s initiative to wring excessive risk-taking out of bank pay plans and take questions from Council members. Click here to view Carey’s PowerPoint about the Fed initiative.
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