U.S. Rep. Spencer Bachus, the top Republican on the House Financial Services Committee, said Friday that major parts of the Obama administration’s effort to revamp bank regulation “have stalled” as he slammed efforts by Democrats to push through legislation that could impact executive compensation. Rep. Spencer Bachus. (Getty Images) “To create the illusion of progress on regulatory reform, the Democrats have hastily approved legislation today that gives unprecedented authority to unelected Washington bureaucrats to decide the pay of every American at every financial institution,” the Alabama Republican said in a press release. “This government micromanagement of daily business affairs of companies is the wrong answer to address the causes of the financial crisis.” Lawmakers are expected... more...