Goldman Sachs Group Inc. must be cautious about handing out record bonuses while the banking industry is still under distress or risk spurring an outcry from Congress, Sen. Mark Warner said.
"I do hope that Goldman Sachs will be a little more sensitive to the optics of their actions," Warner, a member of the Senate Banking Committee, said in an interview Friday.
"They ought to be sensitive to the fact that the whole industry is still under a great deal of scrutiny," he said. "You can end up seeing a reaction on the Hill if there's not some of that sensitivity."
Goldman Sachs set aside $11.4 billion to pay compensation in the first six months of this year after reporting record earnings. A company spokesman did not immediately return phone calls.
Warner said the Banking Committee will finish drafting legislation based on President Obama's proposal to overhaul U.S. financial regulations this month and will meet in November to consider amendments.
The legislation can be finished next month, he said.