Frank to Wall St.: Most of us do our jobs without extra bonuses

Corporate chieftains worried about Congress's impending regulation of executive pay should remember: Most Americans don't get bonuses.

Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, argued Tuesday for more rigorous regulation of compensation for financial sector employees ahead of mark-up of that legislation during an interview on Bloomberg News.

Frank took a shot at some bank executives who have complained about the new rules the legislation would impose on bonuses.

"If you're the head of JPMorganChase, Goldman Sachs, Morgan Stanley -- any of these major institutions -- what is it about your chracter that says, yes, you're highly paid to run a very important organization, but to make sure that you do your job right, we have to give you an extra bonus?" Frank asked on Bloomberg. "Most of us do our jobs without extra bonuses."

Frank said that the impending U.S. regulations would be part of a "coordinated" effort with other financial centers to set up a single global standard for some aspects of executive compensaion.

"I think you're going to see the kind of rules we are adopting to reduce risk incentives internationally adopted," he said.