EU Lawmakers Threaten to Reject Basel Law Deal Without Bonus Cap
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European Union lawmakers are threatening to reject any deal on a bank capital law without a cap on banker bonuses that exceed fixed pay, days before a scheduled meeting with EU officials.
The Parliament has rejected proposals from governments that would have allowed awards of as much as five times a banker’s basic salary, Sharon Bowles, chairwoman of the European Parliament’s economic and monetary affairs committee, said in an e-mail. The lawmakers are “taking a firm line” on the ban as part of negotiations on the Capital Requirements Directive, Bowles said.