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Obama to Appoint Overseer For Executive Pay: Source

An Obama administration official says the administration will appoint a "special master" to oversee executives' compensation at companies receiving large amounts of government aid, with the power to reject pay plans deemed excessive.

The official said the special master will review the compensation for the top 100 salaried employees at firms that receive exceptional assistance under the $700 billion Troubled Asset Relief Program. Among the companies that could be affected would be Bank of America , General Motors and the American International Group .

The official spoke on the condition of anonymity because the program had not yet been announced.

The special master is expected to be Kenneth Feinberg, a lawyer who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks.