The Federal Reserve on Monday discussed its plans to review and limit bankers' pay with industry leaders, sources familiar with the matter said. These included JPMorgan Chase CEO James Dimon, Citigroup CEO Vikram Pandit and Morgan Stanley CEO John Mack. There is general support for the pay restrictions in the industry as they do not impose a fixed cap on bankers' pay. "It is balanced, and it is comprehensive," said Scott Talbott, senior vice president for government affairs for the Financial Services Roundtable. "What [regulators] don't do is set specific pay caps, and that would be overregulating."
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