Wall Street Pay Clawback Rule to Get New Push at SEC (1)

U.S. Securities and Exchange Commission Chair Gary Gensler said he is keen to finish a long-stalled requirement to clamp down on Wall Street bonuses when companies report incorrect financial information.

Gensler said he’s asked SEC staff to provide recommendations on a rule for clawing back executive pay and other parts of never-finished regulations that were mandatory under the Dodd-Frank Act. Specifically, Gensler said he wants to make sure that executives return any funds they are overpaid when a company publishes incorrect information in its financial statements.

“This is a simple concept that executives should not be paid based upon financial ...