From the Huffington Post:

As was reported today, Barack Obama is expected to announce Wednesday a series of new pay limits, including those for executive pay, for companies receiving significant amounts of bailout money. Obama is scheduled to make the announcement alongside Treasury Secretary Tim Geithner at the White House.

While specific details regarding the type of pay limits that the Obama administration plans to set have so far been vague, the New York Times is now reporting that top executives may see their pay capped at $500K:

The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

This is a huge move for the Obama Administration.

The president needs to make sure there are no loopholes.  And the whining Republicans better be on board with this.

Finally, I’ll do my part.  I vow to make no more than $500,000 next year as well.  My employer will be pleased.