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U.S. Limits on Wall Street Bonuses Appear Doomed Ahead of Trump

By Tony Seruga

Obscure regulator of credit unions said to be hurdle for rules
New restrictions clash with Trump pledge to rip up Dodd-Frank

For years the White House has pushed U.S. regulators to finish writing tough new rules that would restrict bonuses for Wall Street executives, one of the most contentious parts of the Dodd-Frank banking reform law. The chances of that actually happening are becoming slimmer by the day.

Banking agency officials have privately conceded that finishing the sweeping changes to financial industry pay during Barack Obama’s presidency will be close to impossible for two reasons: opposition from a Republican board member at the little-known regulator of credit unions; and a bureaucratic quirk that gives the lone Republican commissioner at the Securities and Exchange Commission the power to block the rules, according to three people with knowledge of the matter…

U.S. Limits on Wall Street Bonuses Appear Doomed Ahead of Trump

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