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WASHINGTON (UPI) -- Special pay master for the U.S. Treasury Kenneth Feinberg told a congressional panel his jurisdiction should be limited his current case load of seven firms.
Feinberg said his next priority was to move on, as the stature dictates, to the next 75 highest paid executives at the seven companies that received extraordinary assistance from the $700 billion Troubled Asset Relief Program. Last week, he announced limits for the top 25 executives.
But Feinberg told members of the House Committee on Oversight and Government Reform Wednesday that he "did not recommend that my responsibilities be expanded beyond the current seven companies receiving exceptional TARP financial assistance."
Feinberg said "hopefully, the determinations I make may yet be used, in whole or in part, by other companies."
However, he said, "the federal government should not enter the business of micromanaging compensation practices beyond these seven companies."
Feinberg is authorized to set compensation at Citigroup, Bank of America, GMAC, American International Group, Chrysler Financial, Chrysler and General Motors.