U.S. Rep. Doggett Urges Chairman Bernanke to Make Bank Compensation Report Available to Public

[Text of the letter follows below]

The Honorable Ben S. Bernanke

Chairman

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue, NW

Washington, D.C. 20551

RE: Report on Bank Compensation Structures

Dear Chairman Bernanke:

On June 9, 2010, in response to my question at a House Budget Committee hearing, you testified that the Federal Reserve would publish a report on bank compensation structures by the end of 2010 or in early 2011. When I raised this issue again at a Budget Committee hearing on February 9, 2011, we had the following exchange:

REP. LLOYD DOGGETT: When you were here to testify last, you responded to my question about that by indicating that the Federal Reserve, under your direction, was preparing a public report to the American people on bank compensation structure that would be available at the end of last year or early this year. About four months ago, your general counsel testified here in the House also about the importance of making that report public to the American people. When can we expect to see the report?

CHAIRMAN BEN BERNANKE: I believe that will be soon. We certainly are working in that direction. As you know, we put guidance out in June 2010, and we're working to follow the requirements of the Dodd-Frank Act to put out additional restrictions and

REP. DOGGETT: Right. I know there's been some discussion that that public report that you testified to us about and that your general counsel testified about would now be kept secret. But it is your intent to make it fully public to the American people.

MR. BERNANKE: That's my understanding, yes.

REP. DOGGETT: And you think will happen very soon.

MR. BERNANKE: I believe so, but I'd like to get back to you, if I might, on the exact date.

REP. DOGGETT: Please do, especially if any part of it will be kept secret, as some have suggested. I think that would be -- that kind of reversal would be very troubling.

As over a year has now passed since my first inquiry, and as we are well past the end of your timeline, I would appreciate an update on the status of the bank compensation report and on any steps the Fed has since taken to rein in excessive bonus and incentive programs at our country's largest banks.

Sincerely,

Lloyd Doggett