Live

Watch CBSN Live

Geithner: We're Not Setting Caps On Compensation

Treasury Secretary Timothy Geithner today said the U.S. government is "not proposing an ongoing government role in setting policy and compensation" – even as he and the Obama administration call for legislation allowing shareholders to apply (nonbinding) pressure over executive pay.

"We do not believe it's appropriate for the government to set caps on compensation," he said. "We are not going to prescribe detailed prescriptive rules for compensation. We think all those things would be ineffective, could be counterproductive in some ways."

Watch:

View CBS News In