Wall Street Bonus Rules Should Be Revisited at Fed: Raskin

Sarah Bloom Raskin said she’s keen to revisit sweeping limits on Wall Street bonuses if she is confirmed to be the Federal Reserve’s top banking watchdog.

Regulators have tried unsuccessfully several times to write wide-ranging rules to rein in bonuses at financial firms, which was required by the 2010 Dodd-Frank Act.

Raskin said she’s committed to working with other regulators to restart those efforts as the Fed’s vice chair for supervision.

“That deadline has happened, and still there is no rule,” she said Thursday, in response to a question from Senator Bob Menendez, a Democrat from New Jersey, during her confirmation hearing. “I would work to implement the law.”

Bonuses on Wall Street have surged during the pandemic.