Source: Heather Landy, Washington Post ( Free Registration )

In the first significant attempt by Congress to legislate executive pay, the $700 billion financial rescue plan signed into law yesterday includes efforts to rein in the use of “golden parachutes,” banning the giant windfalls in some cases and imposing bigger tax penalties in others.

But executive pay experts said the regulations are too weak to spark major reform in the way companies compensate top officers, and too narrow in scope to change the pay structure that encouraged finance executives in boom times to take on enormous risks.

Read Full Article: New law seeks to limit executive compensation