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Home / Business News / Obama sets salary cap for bailout companies: US official

Obama sets salary cap for bailout companies: US official

US President Barack Obama will set a $500,000 a year cap on executive pay going forward for banks and other companies that take US Govt funds to stabilize their businesses, an administration official said.

business Updated: Feb 04, 2009, 11:04 IST
Reuters

US President Barack Obama will set a $500,000 a year cap on executive pay going forward for banks and other companies that take US government funds to stabilize their businesses, an administration official said on Tuesday.

The president's announcement, to be made on Wednesday, will kick off a long term effort to reform executive compensation rules, the official said.

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