The Obama administration submitted changes to the federal register on Wednesday that would establish a "special master" to review executive compensation at companies receiving government bailout funds.

The new position comes along with a slew of new rules on executive compensation, including a new provision establishing a "clawback" rule for the government.

The interim final rule announced by the Treasury Department Wednesday will limit bonus payments at companies receiving funds under the Troubled Asset Relief Program (TARP), along with curtailed payment on golden parachutes and imposing a clawback for "any bonus based on materially inaccurate performance criteria."

The government will also appoint a "special master" to review compensation for senior and high-paid employees at firms receiving government investment. That official, expected to be lawyer Kenneth R. Feinberg, would have to approve the compensation structure for the top 100 most highly-paid employees at any company receiving government funds.

The new rules will also mirror the broader regulations sought by the Obama administration, such as "say on pay" and requirements on disclosure.