The bill, which Frank said he hoped to hold a vote on this week, is similar to legislation the House passed in 2007 and is a priority for the Obama administration, which floated a version Thursday.
The legislation would require nonbinding shareholder votes on compensation and golden parachutes at any public company. Compensation committees would have to be made up of independent directors. Provisions pertaining to financial institutions include a requirement to disclose any incentive-based compensation. Banking regulators would have to proscribe compensation practices deemed inappropriate or especially risky.
