Warren Panel to Treasury: Do More To Limit CEO Pay

As for the issue of limits on executive pay, which Congress insisted on including in the TARP, the Warren report says:

While some executives at some financial institutions have voluntarily reduced their compensation, there is no uniform program in place. Treasury has the power to set the “terms and conditions” of any purchase it makes using the TARP funds.

Treasury had opposed the limits from the start, arguing that they would discourage banks from participating in the program.