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US regulators issue new proposal to restrict Wall Street pay
[NEW YORK] A group of US regulators issued a new proposal on Thursday detailing restrictions on incentive-based compensation at big financial firms.
The proposal stems from sweeping financial reform laws passed after the financial crisis, and restricts the way financial firms including Wall Street banks can pay top executives and other employees who may put the institution at risk. Regulators first issued a proposal in 2011, and this one is a modified version.
The National Credit Union Administration posted the revised plan on its web site Thursday. The proposal was jointly crafted by that regulator and five others including the US Securities and Exchange Commission and the Federal Deposit Insurance Corp.