SEC proposals give banks reprieve

Washington

THE US Securities and Exchange Commission delivered a pair of rule proposals on Wednesday that tilted toward the interests of Wall Street and corporate America, as the regulator plodded through a backlog of mandates from the 2010 Dodd-Frank Act.

The five-member SEC voted unanimously to propose a measure that would allow overseas banks to conduct some derivatives trades without having to comply with US regulations. The SEC also proposed a requirement for companies to show annual comparisons of executive pay and the stock's performance. The rule would allow companies to omit new stock and options, which can make up the biggest part of compensation. Both proposals will be open for public comment for 60 days.