It looks like the limits on executive compensation that Democrats in Congress fought to include in the bailout bill aren’t a top priority for Treasury.
From the GAO report:
[A]t this point, the officials have not determined how Treasury will monitor executive compensation compliance. Bank regulators varied in their views about their oversight responsibilities related to compliance with executive compensation requirements and other required terms of CPP. For example, one regulator noted that it would rely on the institution’s board of directors to assess compliance, and another regulator stated that it was Treasury’s responsibility to provide such oversight. Without a consistent process for monitoring participating institutions, Treasury’s ability to identify and address any potential problems in these institutions’ compliance with program requirements will be limited.
In other words, Treasury officials aren’t even on the same page with each other about how to enforce the limits — and some think it can be left to the banks, fox-henhouse concerns be damned.
