The Congressional Oversight Panel's February oversight report, "Executive Compensation Restrictions in the Troubled Asset Relief Program," examined Treasury's efforts to implement restrictions on executive pay at TARP-recipient institutions and, in particular, examined the work of the Special Master for Executive Compensation, who was charged with setting executive pay at the recipients of exceptional taxpayer assistance: AIG, Bank of America, Chrysler, Chrysler Financial, Citigroup, General Motors, and GMAC/Ally Financial.

Amidst intense media scrutiny and in a time of deep public anger, the Special Master achieved significant changes at the institutions under his review. Overall compensation at the companies under the Special Master's jurisdiction fell by an average of 55%, and cash salaries were generally limited to $500,000. Unfortunately, the Special Master has fallen short in his far broader goal of permanently changing Wall Street's pay practices.