The Obama administration’s “pay czar” overseeing compensation at seven bailed-out Wall Street firms says he doesn’t want broader authority to regulate the financial sector. Testifying before Congress Wednesday, Kenneth Feinberg said he was “troubled” by proposals to expand his authority over salaries and bonuses. Feinberg also defended his decision to increase salaries by an average 14 percent despite cutting bonuses.

Kenneth Feinberg: “We tied the overwhelming amount of compensation for these executive officials to performance, not guarantees, and have worked as best we can to eliminate guaranteed payments as part of any compensation package.”