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The U.S. Federal Reserve is communicating to large banks its expectations and plans for rules to tailor pay for executives and key employees to risk, Fed Reserve Governor Daniel Tarullo said on Monday.
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"We are not waiting to begin the process of gathering information about compensation practices from LCBOs (large complex banking organizations)," Tarullo said in comments prepared for delivery to a conference on executive pay.
"Today, in discussions across the country, we are communicating our plans and expectations to these firms, with particular attention to beginning this information gathering," Tarullo said.
The Fed last month issued guidelines on how the country's 28 largest banks should control pay for executives and key employees to curtail the kind of recklessness that contributed to the devastating financial crisis that hit in 2007.
Tarullo said large firms warrant particular attention on pay practices because flaws in compensation schemes could cause pain throughout the financial system, as the crisis has demonstrated.
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