I think America's financial institutions might be able to sigh with relief after hearing what the "pay master" Kenneth Feinberg told the House Financial Services Committee. Well, all but septet of banks and auto companies already under his domain.According to a report in Forbes, Feinberg told the lawmakers that he doesn't think his authority for setting executive pay limits should go beyond the seven too-big-to-fail firms that he now oversees.
"The federal government should not enter the business of micromanaging compensation practices beyond these seven companies by expanding my jurisdiction or broadening my discretionary authority," Feinberg said to the committee.
Still, the article goes on to say that members of Congress still question Feinberg's lack of accountability in what he does. The Washington lawyer is also adept at dodging lawmakers' questions, according to the Forbes piece.
Indiana Republican Mark Souder went as far to say to Feinberg, "The word 'czar' does fit you, and you seem to fit comfortably with the word 'czar.'" Adding this is "not a good precedent for democracy."
For the full story, see Obama's Pay Czar: Don't Give Me More Power at Forbes.com.