Workers across the country are disgusted with corporate excess. When families are struggling to get by, Pres. Obama did exactly the right thing to limit outside pay awards and reform the broken system. Despite billions in losses, and hundreds of billions in taxpayer bailouts, Wall Street doled out $18.4 billion in bonuses in 2008.

These reforms, from a say on pay vote to restrictions on golden parachutes, give our members' funds the tools to hold boards accountable. These boards and senior executives failed the American public and the company's investors through their focus on excessive risk taking and short termism. We welcome the Administration's effort to link pay to performance and focus banks' senior executives on long term value creation.

Contact:  Alison Omens 202-637-5083