Lawmakers Ask Regulators To Watch Executive Comp

Two senior members of the House Financial Services Committee Monday asked the Treasury Department and the Federal Reserve System to ramp up efforts to oversee American International Group Inc.

The two lawmakers, Rep. Paul Kanjorski, D-Pa., and Joseph Crowley, D-N.Y., asked that, by the end of January, the Treasury Department and the Federal Reserve describe, in writing, the systems established for keeping tabs on AIG, New York, and the agencies’ efforts and plans to keep Congress informed of oversight activities.

Kanjorski and Crowley also asked Treasury officials to tell Congress how they are enforcing the executive compensation restrictions imposed on recipients of the federal Troubled Asset Relief Program funds.

The letter was sent to Treasury Secretary Henry Paulson Jr. and Federal Reserve Chairman Ben Bernanke.

Kanjorski is chairman of the House Financial Services Committee’s capital markets subcommittee.