05/02/2009 05:12 am ET Updated May 25, 2011

House Backs New Pay Curbs At Bailed-Out Banks

WASHINGTON (Reuters) - The U.S. House of Representatives on Wednesday approved legislation to curb "excessive" employee pay at financial firms that receive government bailout funds, a measure that could supplant an earlier effort to heavily tax executive bonuses.

The bill, which passed on a 247-171 vote, would give the U.S. Treasury broad powers to prohibit "unreasonable and excessive" compensation and bonuses that are not based on performance standards.

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