Serious consideration is being given to ways to curb pay policies that encourage financial stability-threatening behavior by employees.

The rules may come through the Federal Reserve or the Securities and Exchange Commission.

Separately, House Financial Services Committee Chairman Barney Frank (D., Mass.) is working on his own proposals.

The industry lobby group the Financial Services Roundtable is resisting any such move, so earning its name by ensuring we come back full circle into the same mess.